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Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has a commercial substance. Old Equipment Cash Book Value Fair Value
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has a commercial substance.
| Old Equipment | Cash | ||||||||||
| Book Value | Fair Value | Received | |||||||||
| Equipment A | $ | 73,900 | $ | 80,500 | $ | 12,600 | |||||
| Equipment B | $ | 60,600 | $ | 54,700 | $ | 10,900 | |||||
For Equipment A, Pensacola would record the new equipment at:
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Using QuickBooks Accountant 2018 For Accounting
Authors: Glenn Owen
16th Edition
0357042085, 9780357042083
