Question
On jan. 1 YR 7 scalia co trades equipment that cost 80,000 and has a as of december 31 , YEAR 6 accumulated depreciation of
On jan. 1 YR 7 scalia co trades equipment that cost 80,000 and has a as of december 31 , YEAR 6 accumulated depreciation of 63,000 in exchange for kennedy co piece of similar equipment with a fair value of 42,000. In addition scalie receives 8,000 cash from Kennedy. The exchange lacks commercial substance
| Scalia | Kennedy | |
| Org. Cost | 80,000 | 60,000 |
| Accumulated Depreciation (as of 12/31/YR6) | 63,000 | 28,000 |
| Fair Market Value | 50,000 | 42,00 |
Record all journal entries Scalia makes on Jan. 1 YR7
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International Auditing Standards In The United States Comparing And Understanding Standards For ISA And PCAOB
Authors: Asokan Anandarajan
1st Edition
1606496123, 978-1606496121
