On January 2, Year 1, a company buys a piece of equipment for $50,000 with a 10 year life and a residual value of $8,000. It is depreciated using the straight line method. On July 1, Year 4, the equipment is worth $44,000 and is traded for a van worth $46,000. What amount of gain is recognized on this exchange?

Under IFRS rules, the ___________ is required for recognizing revenue from construction contracts.

One method of estimating uncollectible accounts emphasizes the asset valuation over income measurement. This is the allowance method based on:

The Scott Company owns an asset with a cost of $320,000, a book value of $305,000, and a fair value of $345,000. The asset is traded for another asset and the exchange is viewed as having no commercial substance. Which of the following is true regarding the exchange?

ABC factored receivables without recourse with DEF bank. ABC received cash as a result of the transaction , which is best described as a: