Question
Equipment that cost $220,000 and has accumulated depreciation of $100,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received.
Equipment that cost $220,000 and has accumulated depreciation of $100,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance.
The new equipment should be recorded at?
|
| $100,000. |
|
| $120,000. |
|
| $96,000. |
|
| $160,000 |
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Commercial Energy Auditing Reference Handbook
Authors: Steve Doty
2nd Edition
1439851972, 978-1439851975
