Meteor Motor Sales Exchanged a Car from Its Inventory for a Computer

question 66

Multiple Choice

Meteor Motor Sales exchanged a car from its inventory for a computer to be used as a noncurrent operating asset.The following information relates to this exchange that took place on July 31,2014:

The exchange has commercial substance.
On July 31,2014,how much profit should Meteor recognize on this exchange?

• A)$0
• B)$8,000
• C)$10,000
• D)$13,000

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Definitions:

Motivated Forgetting

Motivated forgetting is a psychological process where an individual unconsciously or consciously blocks out painful, embarrassing, or undesirable memories.

Ribot's Law

a principle stating that individuals lose their most recent memories first when they suffer from amnesia.

Faces

Refers to the front part of a person's head, from the forehead to the chin, including eyes, nose, and mouth, often recognized for its role in identity and expression.

Words

The smallest independent elements of language and communication, which can be spoken or written, and carry meaning.