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Georgia Inc. and Harvard Co. have an exchange with no commercial substance. The asset given up by Georgia Inc. has a book value of
Georgia Inc. and Harvard Co. have an exchange with no commercial substance. The asset given up by Georgia Inc. has a book value of $36,000 and a fair value of $45,000. The asset given up by Harvard Co. has a book value of $60,000 and a fair value of $57,000. Boot of $12,000 is received by Harvard Co. What amount should Georgia Inc. record for the asset received?
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
1st edition
1111822360, 978-1337116619, 1337116610, 978-1111822378, 1111822379, 978-1111822361
