Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the...
Arlington LLC exchanged land used in its business for
some new land. Arlington originally purchased the land for $38,000.
the new land had a fair market value of $40,000. Arlington also
received $12,000 of office equipment in the transaction. what is
Arlington gain or loss recognized on the exchange?
$0
$12,000
$2,000
14,000
none of the choices are correct
Homework Answers
| Gain on exgange | |||
| Fair Value Of New Land | $ 40,000 | ||
| Fair Value Of Equipment received | $ 12,000 | ||
| Total consideration received | $ 52,000 | ||
| Less: | |||
| Cost of old land | $ 38,000 | ||
| Gain On Exchange | $ 14,000 | ||
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Arlington LLC exchanged land used in its business for
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