ACC 304 Experience Tradition / tutorialrank.com ACC 304 Experience Tradition / tutorialrank.com | Page 96
14. If a nonmonetary exchange lacks commercial substance, and cash is received, a partial gain or loss is recognized.
15. When a company exchanges nonmonetary assets and a loss results, the company recognizes the loss only if the exchange has commercial substance.
16. Costs incurred subsequent to the acquisition of an asset are capitalized if they provide future benefits.
14. If a nonmonetary exchange lacks commercial substance, and cash is received, a partial gain or loss is recognized.
15. When a company exchanges nonmonetary assets and a loss results, the company recognizes the loss only if the exchange has commercial substance.
16. Costs incurred subsequent to the acquisition of an asset are capitalized if they provide future benefits.