Business, 09.05.2020 16:57 slonekaitlyn01

Two independent companies, Hager Co. and Shaw Co., are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained: Hager's Land Shaw's Land Book value $192,000 $120,000 Fair value based upon appraisal 240,000 210,000 The exchange was made with the payment of proper amount of cash. The exchange lacked commercial substance. The new land should be recorded on Hager's books at:

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Two independent companies, Hager Co. and Shaw Co., are in the home building business. Each owns a tr...

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