Coco Services exchanged an asset with a cost of $24,000 (now 40% depreciated) for a nonmonetary asset worth $12,000. Coco received $2,000 boot. In the entry to record this exchange, Coco should record
A) a $10,000 loss
B) a $400 gain
C) no gain or loss
D) a $400 loss
Correct Answer:
Verified
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