Question
ABC exchanged its equipment with XYZ's furniture. The book value of the equipment was $21K, fair value of $19K. ABC paid $4K for the exchange.
ABC exchanged its equipment with XYZ's furniture.
The book value of the equipment was $21K, fair value of $19K. ABC paid $4K for the exchange. The book value of the furniture was $20K with fair value of $22K.
What is the value of the new asset for ABC assuming it uses IFRS?
Multiple Choice
1) $19K
2) $20K
3) $22K
4) $23K
5) $25K
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Patient Care Audit Criteria
Authors: Jean Gayton Carroll
1st Edition
0870943928, 978-0870943928
