A loss occurs on the exchange of an item of property,plant and equipment if the market value of the new asset received is greater than the total amount given up in the exchange.

Question

Quizplus · Accepted Answer

A loss occurs on the exchange of an item of property, plant, and equipment if the market value of the new asset received is less than the total amount given up in the exchange. Therefore, the statement in the question is false.

A Loss Occurs on the Exchange of an Item of Property,plant