Two home builders agree to exchange plant assets. The substance.. An appraiser was hired and the following information is
Boaster
Beamer
Book value of asset given up
$50,000
$108,000
Fair market value of asset given up
80,000
100,000
Cash paid
20,000
In recording this exchange, Batson should recognize: a loss of $20,000. a gain of $20,000. a gain of $30,000. no gain or loss.
