ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet:

-Refer to ACME Co. and Comb Corp. What amount of gain (loss) on disposal of a business should Comb Corp. recognize?
A) Gain of $30,000
B) Gain of $60,000
C) Loss of $30,000
D) Loss of $60,000

Question

ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet:
 
-Refer to ACME Co. and Comb Corp. What amount of gain (loss) on disposal of a business should Comb Corp. recognize?
A) Gain of $30,000 
B) Gain of $60,000 
C) Loss of $30,000 
D) Loss of $60,000

Quizplus · Accepted Answer

The Answer is C

ACME Co Paid $110,000 for the Net Assets of Comb Corp