Glen inc. and armstrong co. have an exchange with no commercial substance. the asset given up by glen inc. has a book value of $72,000 and a fair value of $90,000. the asset given up by armstrong co. has a book value of $120,000 and a fair value of $114,000. $24,000 cash is received by armstrong co.

what amount should armstrong co. record for the asset received?

a. $90,000

b. $96,000

c. $114,000

d. $120,000

also include the journal entry to record this transaction. you! (this has no commercial substance, so the journal entry should not record a gain or loss)

List five words to describe your dominant culture. list five words to describe a culture with which you are not a member, have little or no contact, or have limited knowledge. can someone explain what its meaning?

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a.anne is a qualifying child of catherine.b.anne is not a qualifying child of catherine because she fails the gross income test.c.anne is not a qualifying child of catherine because she fails the residence test.d.anne is not a qualifying child of catherine because she fails the support test.

Agovernment receives a gift of cash and investments with a fair value of $200,000. the donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. the $200,000 gift should be accounted for in which of the following funds? a) general fund b) private-purpose trust fund c) agency fund d) permanent fund