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-   -   How do I account for assets traded for new assets and no cash was involved (https://www.askmehelpdesk.com/showthread.php?t=421012)

  • Dec 1, 2009, 10:00 AM
    tpreberry
    How do I account for assets traded for new assets and no cash was involved
    Our company traded equipment with another company and received new assets. No cash was involved at all. Do I retire the old assets from our books? How do I handle the loss on the retirement? Do I add the new assets at the value quoted by the Vendor? Detail below.
    Old Assets Traded:
    Cost: $9,893.21
    Accum: $9,883.70
    NBV: $9.51
    Value of New Assets Received: $6,300.00
  • Dec 1, 2009, 10:15 AM
    smdk

    show it as old assed scrapped(depreciated value)new asset aquired(cost)and loss(difference in values).

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