CPA Financial Accounting and Reporting (FAR) Question of the Day

Test your knowledge with a hand-picked multiple-choice question.

Equipment is bought by ABC Company for $550,000 on January 1, Year 1. After 3 years, $270,000 worth of depreciation has been recorded. At that time the asset has a fair market value of $310,000 and it is exchanged for a similar asset with a fair market value of $300,000. ABC also receives $10,000 in the exchange. What amount of gain should ABC realize as a result of this transaction?

Select an answer and click Check.
Return to subject
AI Tutor
Question of the Day
Flashcards
Worksheets
AI Solver
Learn by Concept
Practice Tests
Games