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
Posted: Sun Jun 05, 2022 8:33 pm
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)?
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)?