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Question 4 X COMPANY Y COMPANY Not yet answered Marked out of Equipment Cost 50,000 40,000 5.00 Acc. Depreciation 20,000 30,000 Flag question Fair value of Equipment 12,000 16,000 Cash Given Up 4,000 X Company exchanged Equipment with Y Company (in an exchange with commercial substance). The summary information with respect to the exchange is shown in the table above: The Gain or Loss on Disposal for X Company is: Select one: O a. Loss of $12,000 O b. Loss of $14,000 O c. Gain of $14,000 O d. None of the these answers O e. Gain of $12,000 Avenues bought land, buildings and equipment by issuing shares. The estimated fair value of the assets are: land: d $1,200,000; buildings, $1,500,000 and equipment $300,000. out of Avenues issues 200,000 shares fora price of $5 each. The par value of each share is $2. The amount of the Share Premium Is Select one: O a. $1,200,000 O b. $600,000 O c. $800,000 O d. None of the these answers O e. $900,000