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Construction Company exchanged a piece of equipment with another company. Cost of equipment Accumulated depreciation 850,000 255,000 Cash received Fair value of the equipment
Construction Company exchanged a piece of equipment with another company. Cost of equipment Accumulated depreciation 850,000 255,000 Cash received Fair value of the equipment Total fair value 89,300 803,700 893,000 Assuming that the exchange lacks commercial substance, Construction Company would record the new equipment value at:
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
9th edition
978-1285183244, 128518324X, 978-1285779263, 1285779266, 978-1285183237
