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: What is the amount of gain or loss on disposal of business should Comb Corp. recognize?
A)Gain of $60,000
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:  What is the amount of gain or loss on disposal of business should Comb Corp. recognize?
A)Gain of $60,000 
B)Gain of $60,000. 
C)Loss of $30,000 
D)Loss of $60,000

Quizplus · Accepted Answer

11eb11de_933d_1e15_ad38_a3922ddd5d7e_TB2014_00

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