Question
Equipment that cost $633600 and has accumulated depreciation of $288000 is exchanged for equipment with a fair value of $460800 and $115200 cash is received.
Equipment that cost $633600 and has accumulated depreciation of $288000 is exchanged for equipment with a fair value of $460800 and $115200 cash is received. The exchange lacked commercial substance. The new equipment should be recorded at:
$276480.
$460800.
$288000.
$230400.
(Please explain)
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Auditing and Assurance Services Understanding the Integrated Audit
Authors: Karen L. Hooks
1st edition
471726346, 978-0471726340
