Coco Services exchanged an asset with fair value of $12,000 and a cost of $24,000 now 40% depreciated) for a nonmonetary asset with a fair value of $12,000. In addition, Coco received $2,000 boot. In the entry to record this exchange, Coco should record
A) a $400 loss.
B) a $400 gain.
C) no gain or loss.
D) a $2,400 loss.
Correct Answer:
Verified
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