Question 1. Alamos Co. exchanged equipment and $17500 cash for similar equipment. The book value and the fair value of the old equipment were $80,400 and $90,600, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/loss) of:
a. $10,400 b.$0
c. $10.200
d. $(10.400) Question 2. Alamos Co. exchanged equipment and $17,800 cash for similar equipment. The book value and the fair value of the old equipment were $80.700 and $90,800, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) on exchange of assets in the amount of: a.$10,100
b. $(10.100) c. $0
d.$27.900
