- (TCO 1) Property, plant, and equipment and intangible assets are (Points : 4)
- (TCO 3) In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if (Points : 4)
- (TCO 1) Interest may be capitalized (Points : 4)
- TCO 3) Our company 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, our company would record land-new at and record a gain (loss) of which of these?