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3. (TCO 3) In a nonmonetary exchange of equipment, if the exchange
has commercial substance, a gain is recognized if:
4. (TCO 1) Interest may be capitalized:
5. (TCO 3) Horton Stores exchanged land and cash of $5,000 for
similar land. The book value and the fair value of the land were
$90,000 and $100,000, respectively.
Assuming that the exchange has commercial substance, Horton would
record land-new at and record a gain/(loss) of:
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ACCT 304 Week 2 Quiz
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