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b) Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000. Queen
| b) Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000. Queen received a machine with a fair value of $90,000 plus cash of $10,000. Prepare a journal entry for Queen, assuming no commercial substance. |
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Financial Accounting Theory
Authors: William R. Scott
3rd Edition
0130655775, 9780130655776
