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

question 37

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:

Neurotransmitters

Chemicals produced by neurons that transmit signals across a synapse from one neuron to another, playing critical roles in the communication within the brain and the entire nervous system.

Synthesized

The process of combining various elements to form a complex whole, often used in reference to the creation of chemical compounds or digital sounds.

Recently Classified

A term referring to something that has been newly categorized or identified within a scientific or systematic classification.