Multiple Choice
On December 1, 2013, HC acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2011. The old truck was purchased for $28,000 and had a book value of $11,200. On the date of the exchange, the old truck had a market value of $12,000. In addition, HC paid $14,000 cash for the new truck, which had a cash price of $32,000. At what amount should HC record the new truck for financial accounting purposes?
A) $25,200
B) $26,000
C) $28,000
D) $32,000
Correct Answer:
Verified
Correct Answer:
Verified
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