Bud exchanges a business use machine with an adjusted basis, Accounting Basics

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Bud exchanges a business use machine with an adjusted basis

Bud exchanges a business use machine with an adjusted basis of $22,000 and a fair market value of $30,000 for another business use machine with a fair market value of $28,000. Bud also receives $2,000 cash. What is Bud's recognized gain or loss?
a. $0.
b. $2,000.
c. $6,000.
d. $8,000.

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Accounting Basics: Bud exchanges a business use machine with an adjusted basis

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Accounting Basics: Bud exchanges a business use machine with an adjusted basis

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