Colt Football Co

question 87

Multiple Choice

Colt Football Co.had a player contract with Watts that is recorded in its books at $3,600,000 on July 1, 2010.Day Football Co.had a player contract with Kurtz that is recorded in its books at $4,500,000 on July 1, 2010.On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $450,000.The fair value of the Kurtz contract was $5,400,000 on the exchange date.The exchange had no commercial substance.After the exchange, the Kurtz contract should be recorded in Colt's books at

• A)$4,050,000.
• B)$4,500,000.
• C)$4,950,000.
• D)$5,400,000.

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Definitions:

Written Communication

The exchange of messages or information in written form across various contexts, including business and personal communication.

Communication Culture

The set of shared beliefs, values, norms, and practices within an organization that affects how communication is conducted and perceived.

Corporate Head Office

The primary physical location where a corporation's executive management and key administrative functions are located.

Distraction

A thing that prevents someone from giving full attention to something else, often leading to a decrease in productivity or performance.