What amount is recorded for a nonmonetary asset acquired in exchange for another nonmonetary asset when the exchange has commercial substance

The fair value of the asset given up, with a gain or loss recognized.

Explanation:

In Financial accounting, Accounts Receivable are considered to be a current asset because it is the payment a business firm would receive from its customers for goods purchased or services taken on credit. Also, accounts receivable are recorded in the current assets section of the balance sheet because they add value to a business firm.

Generally, current assets are considered to be liquid because they are listed on the balance sheet in the order (descending) in which they are expected to turn or be converted to cash within a relatively short term period.

The amount recorded for a nonmonetary asset acquired in exchange for another nonmonetary asset when the exchange has commercial substance is the fair value of the asset given up, with a gain or loss recognized.

Additionally, the par value of an asset such as a bond is its face value and it comprises of its total dollar amount as well as its maturity value. Also, the par value of a bond gives the basis on which periodic interest is paid.

A bond is issued at par value when the market rate of interest is the same as the contract rate of interest. This simply means that, a bond would be issued at par (face) value when the bond's stated rated is significantly equal to the effective or market interest rate on the specific date it was issued.

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