Business, 07.04.2020 23:42 alanmarcus22
Krasel Corp. exchanges equipment in a transaction that has commercial substance. The original cost of the asset surrendered was $90,000, and its accumulated depreciation at the date of exchange was $70,000. The asset received had a fair value of $50,000 and a book value of $45,000. The journal entry to record this exchange will include which of the following entries
A. credit to equipment-old for $90,000
B. credit to gain on exchange of asset for $30,000
C. debit to equipment-new for $50,000
D. debit to accumulated depreciation $70,000
Answers: 2
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Krasel Corp. exchanges equipment in a transaction that has commercial substance. The original cost o...
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