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Beacon Inc. exchanged land and cash of $4100 for similar land. The book value and the fair value of the land were $89,800 and $100,100,
Beacon Inc. exchanged land and cash of $4100 for similar land. The book value and the fair value of the land were $89,800 and $100,100, respectively. Assuming that the exchange has commercial substance, the company would record landnew and a gain/(loss) on the exchange of assets in the amounts of
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Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
9th Edition
130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309
