Asset A, Owned by LC, Had a Book Value of $8,000

question 39

Multiple Choice

Asset A, owned by LC, had a book value of $8,000 at 12/31/2011. At that time, LC exchanged Asset A and $50,000 cash with AE for B The market value of Asset A and the asking price of Asset B were $13,000 and $77,000, respectively, at 12/31/11. Assuming that these assets were dissimilar in nature, at what amount should Asset B be recorded by LC?Asset

• A) $50,000
• B) $58,000
• C) $63,000
• D) $77,000

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Definitions:

Preschool

An educational establishment or learning environment offering early childhood education to children before they begin compulsory education at primary school.

Emotional Intelligence

The ability to perceive emotions, to identify and understand their meaning, to integrate them with other kinds of cognition, and to manage them.

Cognition

The cognitive activity of gaining insight and comprehension via thinking, experiencing, and sensory perception.

Emotions

Complex psychological states that involve physiological arousal, expressive behaviors, and conscious experience.