On December 2,2014,Loofa Company,which Operates a Furniture Rental Business,traded in a Used

question 9

Multiple Choice

On December 2,2014,Loofa Company,which operates a furniture rental business,traded in a used delivery truck with a carrying amount of $5,400 for a new delivery truck having a list price of $16,000 and paid a cash difference of $7,500 to the dealer.The used truck had a fair value of $6,000 on the date of the exchange.The exchange has commercial substance.At what amount should the new truck be recorded on Loofa's books?

• A) $10,600
• B) $12,900
• C) $13,500
• D) $16,000

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