A company traded in all used office equipment with a fair value of $20,000, and a book value of $15,000 in exchange for

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answerhappygod
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A company traded in all used office equipment with a fair value of $20,000, and a book value of $15,000 in exchange for

Post by answerhappygod »

A company traded in all used office equipment with a fair
value of $20,000, and a book value of $15,000 in exchange for
new office equipment with a fair value of $7,000, plus
cash of $3,000.
What would the journal entry be (note: the equipment lack
commercial substance)?
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