Question
Seafood Entity (SE) exchanged a shrimp boat with a carrying value of $30,000 ($50,000 cost less accumulated depreciation of $20,000) for a shrimp processor with
Seafood Entity (SE) exchanged a shrimp boat with a carrying value of $30,000 ($50,000 cost less accumulated depreciation of $20,000) for a shrimp processor with a fair market value of $25,000. The fair value of the shrimp boat is not readily determinable. Give the entry to record the exchange of assets.
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Forensic And Investigative Accounting
Authors: D. Larry Crumbley, Lester E. Heitger, Stevenson Smith
5th Edition
0808026879, 9780808026877
