Use the following information to answer questions #12-H14 Rapid City traded in a

Question

Use the following information to answer questions #12-H14 Rapid City traded in a used pickup for a new pickup with a sticker price of $44,000. The old truck had a historical cost of $40,000, accumulated depreciation of $16,000, and a fair value of $27,000. The dealer took the old truck and $13,000 cash for the new truck 12. At what value should the new truck be reported in the government-wide financial statements? a) $44,000. b) $43,000. c) $40,000. d) $37,000. 13. What is the amount of gain/loss that should be reported in the General Fund financial statements? a) $0. b) $3,000 gain. c) $3,000 loss. d) $7,000 gain. 14. What is the amount of gain/loss that should be reported in the government-wide financial statements? b) $3,000 gain. c) $3,000 loss. d) $7,000 gain.

Explanation / Answer

The answers for the questions are already provided in the picture and I think this was posted just to confirm whether the marked answers are correct or not and with that assumption, I proceed further.

All the answers marked above are correct as per my knowledge is concerned and also by basing on my calculations I confirm the same.

Thank you.

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