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On August 1. Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as Asset A, and Whispering' is referred
On August 1. Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as "Asset A," and Whispering' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B Original cost $99,840 $114,400 Accumulated depreciation (to date of exchange) 41,600 48,880 Fair value at date of exchange 62,400 78,000 Cash paid by Coronado, Inc. 15,600 Cash received by Whispering, Inc. 15,600 (a) Your Answer Correct Answer
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