Damon Limited acquired the net assets of Gina Limited.Damon Limited provided an item of equipment as part of the consideration.The fair value of the equipment was $13 000.It cost $20 000 and had a carrying amount of $12 000.Which of the following entries appropriately reflects the gain or loss on the equipment?
A) DR Loss on sale $1 000
B) CR Loss on sale $1 000
C) CR Gain on sale $1 000
D) Dr Gain on sale $1 000.
Correct Answer:
Verified
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