Use the Following to Answer Questions

question 43

Multiple Choice

Use the following to answer questions
Oceanside Enterprises is trading in its old fishing vessel for a new model. The old fishing vessel is on the books at a cost of $364,000 with accumulated depreciation of $314,600. The new fishing vessel has a list price of $538,000 but the manufacturer has agreed to reduce this by $75,000 in return for Oceanside's old fishing vessel.
-The gain or loss recognized on the exchange would be:

• A)$49,400 loss
• B)$25,600 gain
• C)$75,000 gain
• D)no gain or loss should be recognized

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Definitions:

Caregivers

Individuals who provide care to others, especially to children, the elderly, or the disabled, often involving emotional, physical, and logistical support.

Life Course

A social science concept analyzing an individual's life history through social, cultural, and historical contexts to understand changes over time.

Societies

Groups of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, typically subject to the same political authority and dominant cultural expectations.

Canadians

The people native to or citizens of Canada, a country in North America known for its multicultural population and bilingual nature, English and French being the official languages.