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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