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On May 8, 2020, the Wildcat company exchanges land in Ohio for land in Indiana. The exchange lacks commercial substance. The Wildcat company will also
On May 8, 2020, the Wildcat company exchanges land in Ohio for land in Indiana. The exchange lacks commercial substance. The Wildcat company will also pay $32,000 cash in exchange. On May 8, 2020 the fair value of the land in Indiana is $400,000. At what value will the Wildcat company debit the new land in Indiana in its May 8, 2020 journal entry to record the exchange?
At what value will the Wildcat company debit the new land in Indiana in its May 8, 2020 journal entry to record the exchange?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
