The Pizza Store trades in a delivery car for a newer model.The old delivery car has a cost of $9,000 and accumulated depreciation of $7,000.The Pizza Store pays cash of $8,000.The fair value of the newer car is $16,000.What is the gain or loss for the Pizza Store on the exchange of vehicles?
A) $6,000 loss
B) $2,000 gain
C) $6,000 gain
D) $8,000 gain
Correct Answer:
Verified
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