Acme co. paid 110000 for the net assets of comb corp. at, Ask an Expert

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ACME co. paid $110000 for the net assets of comb corp. At the time of the acquisition the followin infomation was available:
Book Value FMV
Current Assets 50000 50000
Bldg 80000 100000
Equip 40000 50000
Liabilities 30000 30000

What is the amount of gain or loss on disposal of business should comb corp recognize?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958884

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