ch10-assetexchange-文庫(kù)吧資料
2025-05-29 21:41本頁(yè)面
【正文】 of used machine (8,000) Loss on the exchange (2,000) The cost of new machine: Fair value of used machine $6,000 Cash paid: 7,000 Cost of new machine $13,000 The journal entry: Equipment (new) 13,000 Accumulated depreciationequipment 4,000 Loss on disposal of equipment 2,000 Equipment (old) 12,000 Cash 7,000 Exchanges Loss Situation (with or without mercial substance) Chapter 107 Exchange – Gain Situation Illustration (with mercial substance): A gain is recognized Interstate transportation pany exchanged a number of used trucks plus cash for vacant land that might be used for a future plant site. The trucks have a bined book value of $42,000 (cost $64,000 less $22,000 accumulated depreciation). Interstate’s purchasing agent, who has had previous dealings in the second
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