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
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 rcord the crew equipment in her accounting records is:
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Equity Asset Valuation
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen
2nd Edition
470571439, 470571438, 9781118364123 , 978-0470571439
