ACCT 304 help A Guide to career/Snaptutorial ACCT 304 help A Guide to career/Snaptutorial | Page 2

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: ======================================================== ACCT 304 Week 2 Quiz For more classes visit www.snaptutorial.com