Use the Following Information for Questions

question 125

Multiple Choice

Use the following information for questions.
Gabrielle Inc.and Lucci Company have an exchange with no commercial substance.The asset given up by Gabrielle has a book value of €120,000 and a fair value of €135,000.The asset given up by Lucci has a book value of €220,000 and a fair value of €200,000.Boot of €65,000 is received by Lucci.
-The journal entry made by Lucci to record the exchange will include

• A)a debit to Gain on Exchange for €20,000.
• B)a credit to Cash for €65,000.
• C)a credit to Equipment for €200,000.
• D)a debit to Loss Exchange for €20,000.

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Definitions:

Africans-Americans

Individuals in the United States who have ancestry tracing back to the black racial groups of Africa.

Japanese Mexican Labor Association

An organization formed by Japanese and Mexican laborers in California in the early 20th century to advocate for workers' rights and better labor conditions.

Oxnard Beet Growers

A group or association of farmers in Oxnard, California, historically known for cultivating sugar beets and involved in agricultural development and labor disputes.

AFL

The American Federation of Labor, a national federation of labor unions in the United States, founded in 1886, focusing on skilled workers.