A Purchase of Land in Exchange for a Long-Term Note

question 169

True/False

A purchase of land in exchange for a long-term note payable must be disclosed as a noncash investing and financing activity.

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Definitions:

Vehicle Combinations

A reference to the coupling of multiple vehicles, such as a tractor and one or more trailers, in the transportation industry.

Lead Trailer

The trailer coupled to the tractor in a double or multiple trailer combination. Usually used in reference to an A-, B-, C-, or D-train combination.

Refrigerated Freight

Goods that are transported in a temperature-controlled environment, typically in a refrigerated container or truck.

Interior Compartment Temperatures

The temperatures within the interior spaces of a vehicle, which can affect comfort and safety.