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Lack commercial substance?
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A Co. exchanges equipment that cost 99,000 and has accumulated depreciation of 13,000, receiving in return similar equipment with a fair market value of 81,000 and 9,000 cash. If the exchange lacks commercial substance, what amount of gain or loss should be recognized by A co? What amount should...
Exchange lack of commercial substance
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Redman Company received $20,000 in cash and a used computer with a fair value of $180,000 from Galaxy Corporation for Redman's existing computer having a fair value of $200,000 and an undepreciated cost of $160,000 recorded on its books. Redman does not think that there will be significant changes...
Exchange Lack of Commercial Substance
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On December 30, 2005 Diamnond Company traded in an old machine with book value of $10,000 for a similar new machine having a list price of $32,000 and paid a cash difference of $19,000. Diamond does not think there will be a significant change in class flows as a result of this transaction....
Journal entry for equipment exchange with commercial substance
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I need a sample journal of an equipment exchange with commercial substance. View more questions Search
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