Use the Following Information for Questions

question 47

Multiple Choice

Use the following information for questions.is in financial difficulty and cannot pay a note due that day.It is a $600,000 note with $60,000 accrued interest payable to Piper, Inc.Piper agrees to accept from Nolte a building that has a fair value of $590,000, an original cost of $530,000, and accumulated depreciation of $130,000.
-Nolte should recognize a gain or loss on the disposal of the building of

• A)$0.
• B)$190,000 gain.
• C)$60,000 gain.
• D)$70,000 loss.

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Definitions:

Fish Tacos

A culinary staple in coastal areas, consisting of lightly battered and fried fish wrapped in a corn or flour tortilla and often served with cabbage slaw and a creamy sauce.

Chicken Tacos

A popular Mexican dish consisting of a tortilla filled with seasoned chicken, and often accompanied by toppings such as lettuce, tomatoes, and cheese.

Cost of Overstocking

Expenses incurred from having excess inventory, including storage costs, decreased product value, and potential waste.

Cost of Understocking

The financial loss or opportunity cost incurred by a business when it does not hold enough inventory to meet customer demand.