When accounting for asset exchanges and if the transaction has commercial substance, which of the following is correct?

Question 1 options:

	The cost of the asset received is equal to the fair value of what is given up.
	Gains are always equal to $10,000
	The cost of the asset received is equal to the carrying value of assets given up.
	Depreciation expense plus accumulated depreciation is equal to the asset retirement obligation

Question 2 (1 point)

Property, plant, and equipment assets purchased on long-term credit contracts should be accounted for at

Question 2 options:

	a) the total value of the future payments.
	b) the future amount of the future payments.
	c) the present value of the future payments.
	d) none of these.

Question 3 (1 point)

Which of the following statements best describes when previously recognized goodwill impairment may be reversed?

Question 3 options:

	a) Reversals are permitted under both ASPE and IFRS.
	b) Reversals are permitted under ASPE but not IFRS.
	c) Reversals are permitted under IFRS but not ASPE.
	d) Reversals are not permitted under either IFRS or ASPE.