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

Question

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

Quizplus · Accepted Answer

The Answer of 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

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