Asset a Is Owned by TC and Has a Book

question 203

Multiple Choice

Asset A is owned by TC and has a book value at 12/31/2012 of $9,000. TC exchanged Asset A and $60,000 cash with CE for Asset B At 12/31/2013, the market value of Asset A is $20,000 and the list price of Asset B is $90,000. Assuming that these assets are dissimilar in nature, at what amount should Asset B be recorded by TC?

• A) $69,000
• B) $70,000
• C) $80,000
• D) $90,000

---

Definitions:

Metacognition

The ability to think about thinking; knowledge of how the mind works.

Crystallized Intelligence

The ability to use learned knowledge and experience, which typically increases with age.

Processing Speed

The pace at which individuals take in information, make sense of it, and begin to respond, which can significantly impact learning and everyday tasks.

Standard Tasks

Routine or commonly encountered tasks that require a known set of actions for completion.