The opportunity to exercise power unchecked by spiritual values will lead to the abuse of power

Hyde Company traded in an old machine with a book value of $15,000 on a new machine. The exchange did not have commercial substance. The new machine, which had a cash price of $75,000, was purchased for $64,000 cash plus the old machine. Hyde should record the cost of the new machine as

a. $64,000. b. $71,000. c. $75,000. d. $79,000.

An expenditure qualifies as an asset if it has which of the following characteristics?

a. It embodies a probable future benefit. b. A particular entity can obtain the benefit and control others' access to it. c. The transaction or other event giving rise to the entity's right to, or control of, the benefit has already occurred. d. The fair value of the item at the time of initial recognition can be measured with sufficient reliability. e. all of the above