Mariano County Traded in a Used Pickup for a New

question 26

Multiple Choice

Mariano County traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $45,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck.
-The amount of gain or loss that should be recognized on this transaction in the government-wide financial statements is

• A) $0.
• B) $1,000 loss.
• C) $3,000 gain.
• D) $12,000 loss.

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Definitions:

Public Good

Offerings of goods or services to the whole society at no expense, facilitated by either the state or private entities, not pursuing profitability.

Public Good

Products or services supplied at no cost to all members of a community, by either governmental or private providers, without the goal of making a profit.

National Defense

Governmental and military actions, activities, and strategies aimed at protecting a country and its citizens from external threats and maintaining national security.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organization.