Question
Hagen Co. exchanged a truck with a carrying amount of $10,000 and a fair value of $17,000 for a truck and $5,000 cash. The
Hagen Co. exchanged a truck with a carrying amount of $10,000 and a fair value of $17,000 for a truck and $5,000 cash. The fair value of the truck received was $12,000. The exchange was considered to have commercial substance. At what amount should Hagen record the truck received in the exchange? Select one: O a $7,000 O b. $9,000 Oc. $12,000 O d. $15,000 O e $20,000
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
