Question
Little Cindy-Lou Who Incorporated exchanged land and paid $22,000 cash for new equipment.The book value of the land was $82,000 and the fair value of
Little Cindy-Lou Who Incorporated exchanged land and paid $22,000 cash for new equipment.The book value of the land was $82,000 and the fair value of the land was $95,000 at the time of the exchange. The exchange has commercial substance.The amount at which Little Cindy-Lou would record the new equipment in her accounting records is:
A)$117,000
B)$104,000
C)$95,000
D)$82,000
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
