Use the Following Information for Questions

question 61

Multiple Choice

Use the following information for questions.
Glen Inc.and Armstrong Co.have an exchange with no commercial substance.The asset given up by Glen Inc.has a book value of $12,000 and a fair value of $15,000.The asset given up by Armstrong Co.has a book value of $20,000 and a fair value of $19,000.Boot of $4,000 is received by Armstrong Co.
-What amount should Armstrong Co.record for the asset received?

• A)$15,000
• B)$16,000
• C)$19,000
• D)$20,000

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Definitions:

Telecommuting

A work arrangement in which employees do not commute to a central place of work but work remotely, often from home, utilizing digital communication tools.

External Environmental Factor

Elements outside an organization that can affect its performance and strategy, such as economic conditions, regulations, and market trends.

Economic Climate

Refers to the overall state of the economic environment marked by indicators like GDP growth rates, unemployment, and inflation.

Work-Life Balance

A concept that emphasizes the importance of achieving an equilibrium between professional obligations and personal activities, ensuring individuals have a healthy division between their work and personal life.