Question
Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance. Old Equipment Cash Book Value
Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance.
|
| Old Equipment |
| Cash |
| |||||||||
|
| Book Value |
| Fair Value |
| Paid |
| |||||||
| Case A | $ | 50,000 |
|
| $ | 60,000 |
|
| $ | 15,000 |
| ||
Grand Forks would record the new equipment at
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Accounting In A Nutshell Accounting For The Non-specialist
Authors: Walker, Janet
3rd Edition
075068738X, 9780750687386
