Question
Florida Pharmaceuticals exchanged laser equipment with a book value of $70,000 and a fair value of $85,000 for the similar old model of laser equipment.
Florida Pharmaceuticals exchanged laser equipment with a book value of $70,000 and a fair value of $85,000 for the similar old model of laser equipment. In addition to the old equipment, $8,000 in cash was given. The exchange is deemed to have no commercial substance. Florida should record the acquired laser equipment at ____.
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A Textbook Of Accounting For Management
Authors: S.N. Maheshwari
3rd Edition
9325956195, 978-9325956193
