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Nonmonetary Exchanges Alpha Corporation exchanged machinery with a carrying value of $48,000 and a fair value of $80,000 for other machinery with a fair value
Nonmonetary Exchanges
- Alpha Corporation exchanged machinery with a carrying value of $48,000 and a fair value of $80,000 for other machinery with a fair value of $50,000 and $30,000 cash. The exchange lacks commercial substance. Place answers on the lines provided and show all work in the space provided. 1. How much gain or loss should Alpha recognize on the exchange?
- Zebra Corporation exchanged equipment with a carrying value of $24,000 and a fair value of $40,000 for other equipment with a fair value of $35,000 and $5,000 cash. The exchange lacks commercial substance. Place answers on the lines provided and show all work in the space provided. 1. How much gain or loss should Zebra recognize on the exchange? 2. At what amount should Zebra record the equipment received?
2. At what amount should Alpha record the machinery received?
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IATF 16949 2016 Plus ISO 9001 2015 Audit Guide And Checklist With ISO 9001 Customer Specific Core Tools And CQI Requirments
Authors: Patrick Ambrose, Systemsthinking .works
2nd Edition
154703355X, 978-1547033553
