An Entity Acquired an Item of Plant in Exchange for an Item

question 4

Multiple Choice

An entity acquired an item of Plant in exchange for an item of Equipment. The Equipment has a carrying value of $5000 and a fair value of $6000. The journal entry to record the acquisition of the Plant will show:

• A) a loss on acquisition of $1000;
• B) proceeds on sale of Equipment of $1000;
• C) a gain on sale of $1000;
• D) proceeds on sale of Plant of $1000.

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Definitions:

Labor Economists

Specialists who study the dynamics of the labor market, including employment, wages, and labor productivity.

Natural Ability

The inherent skills or talents that an individual possesses, often influencing their ease of learning or performing tasks.

Human Capital

Refers to the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Human Capital

The array of skills, comprehension, and experiential learning available within an individual or a populace, gauged in view of their economic worth or investment to a corporation or a sovereign state.