Question
Equipment that cost $686400and has accumulated depreciation of $312000is exchanged for equipment with a fair value of $499200and $124800cash is received. The exchange lacked commercial
Equipment that cost $686400and has accumulated depreciation of $312000is exchanged for equipment with a fair value of $499200and $124800cash is received. The exchange lacked commercial substance.
The new equipment should be recorded at
$499200.
$249600.
$312000.
$299520.
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
10th Edition
77729870, 9780077729875
