Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc. has a book value of 12,000. The asset given up by Life Co. has a book value of 20,000. Cash of 4,000 is received by Life Co. What amount should Love Inc. record for the asset received? A. 20,000 B.19,000 C.16,000 D. 23,000

Two construction companies, Harglo and Kalman, are in the construction business. Each owns a tract of land being held for development, but each company would prefer to build on the other's land. Accordingly, they agree to exchange their land, and have the following information:                                                                         Harglo's      Kalman's                                                                           Land           Land Cost and book value                                         $150,000     $100,000Fair value based upon appraisal                        $200,000    $160,000 The exchange of land was made, and, based on the difference in appraised fair value, Kalman paid $40,000 cash to Harglo. For financial reporting purposes, Harglo would recognize a gain on this exchange in the amount of $6,000   After the exchange, Harglo would record its newly acquired land on its books ata. $120,000b. $102,000c. $136,000d. $166,000

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“P” and “Q” entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose “P” put L 2,00,000 and “Q” L 1,50,000 into joint bank A/c opened for this purpose.The payments as follows :Materials L 60,000Salary & wages L 1,40,000 Plant & Machinery L 20,000These payments were made from joint bank A/c, but in addition “P” supplied cement bags valued L10,000. The house was constructed and paid the contract price.The plant and machinery taken over by “Q” @ L 10,000 and unused materials was taken by “P” @ L 5,000. They shared the profit in the ratio of 2:1.Show   1) Joint venture A/c2) Joint Bank A/c3) Co-ventures A/c answer with all work please