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:

Institutional Integrity

The adherence to moral and ethical principles within organizational practices and policies.

Health-seeking Institutions

These are organizations or facilities where individuals seek medical advice, treatment, or care for their health conditions.

Magnet Institutions

Healthcare organizations recognized for their nursing excellence and high-quality patient care, able to attract and retain skilled nursing staff.

Comforting Care

Providing physical and emotional support in a manner that eases pain and distress, enhancing well-being and quality of life.