Business, 15.04.2020 17:37 plshelpme53
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. E 10β18: Nonmonetary exchange LO10β6 [This is a variation of the previous exercise.] Required: Assume the same facts as in Exercise 10β17 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.
Answers: 2
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The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fai...
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