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Alamo Co. exchanged land and $18,000 cash for similar land. The cost of the old land was $82,000 and the appraised value is $90,000. SHOW
Alamo Co. exchanged land and $18,000 cash for similar land. The cost of the old land was $82,000 and the appraised value is $90,000. SHOW ALL COMPUTATIONS.
- Prepare the journal entry assuming that the exchange has commercial substance.
- Prepare the journal entry assuming that the exchange lacks commercial substance.
- Prepare the journal entry except that Alamo received $9,000 cash in the exchange and it lacks commercial substance.
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International Corporate Reporting Global And Diverse
Authors: Pauline Weetman, Ioannis Tsalavoutas, Paul Gordon
5th Edition
1138364991, 9781138364998
