Construction Company exchanged a piece of equipment with another company. Cost of equipment Accumulated depreciation Cash...

Transcribed Image Text:

Construction Company exchanged a piece of equipment with another company. Cost of equipment Accumulated depreciation Cash received 600,000 180,000 63,000 567,000 Fair value of the equipment Total fair value 39 630,000 Assuming that the exchange lacks commercial substance, Construction Company would record the new equipment value at Numeric Response Construction Company exchanged a piece of equipment with another company. Cost of equipment Accumulated depreciation Cash received 600,000 180,000 63,000 567,000 Fair value of the equipment Total fair value 39 630,000 Assuming that the exchange lacks commercial substance, Construction Company would record the new equipment value at Numeric Response