Question
On October 15th 2021 Company A trades a piece of equipment with company B for a piece of similar equipment. The equipment from Company A
a) A 3rd party inspection of Company B's equipment revealed that the fair market value of the equipment was $40k. Record the JE for Company A. Record the Journal Entry.
b) A 3rd party inspection of Company B's equipment determined that the fair market value of the equipment was $51k. Record Company B's Journal Enry assuming that question a never happened.
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International Accounting
Authors: Timothy Doupnik, Hector Perera
3rd Edition
978-0078110955, 0078110955
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