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The Bronco Corporation exchanged land for equipment. The land had a book value of $129,000 and a fair value of $168,000. Bronco paid the
The Bronco Corporation exchanged land for equipment. The land had a book value of $129,000 and a fair value of $168,000. Bronco paid the owner of the equipment $19,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
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1 The fair value of the equipment can be calculated as follows Fair Value of Land 1...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
