Question
An old truck, which cost $51,600 and was one-third depreciated, was exchanged for a tractor with a fair value of $35,000; $5,000 cash was
An old truck, which cost $51,600 and was one-third depreciated, was exchanged for a tractor with a fair value of $35,000; $5,000 cash was received in the exchange. The exchange lacked commercial substance. At what amount should the tractor be recorded? Select one: Oa. $39,400 O b. $35,000 Oc $30,100 Od. $34,400 O e. $29,400
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Using Excel & Access for Accounting 2010
Authors: Glenn Owen
3rd edition
1111532672, 978-1111532673
