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

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Definitions:

Highest Level

The peak or topmost position in a hierarchy or scale, representing the utmost degree of excellence, achievement, or power.

Self-disclosure

The act of revealing personal information about oneself to others, which can help in building trust and deepening relationships.

Avoiding Self-disclosure

The deliberate withholding of personal information or feelings from others, often to maintain privacy or prevent vulnerability.

Emotionally Develop

The process of gaining the ability to recognize, express, and manage emotions effectively.