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Purpose: This case will review the rules for determining a plant asset's cost when the asset is acquired on a deferred payment plan or in a nonmonetary exchange.
A company often acquires property, plant, and equipment by means other than immediate cash payment.
Instructions
(a) Explain how to determine a plant asset's cost if it is acquired on a deferred payment plan.
(b) Explain how to determine a plant asset's cost if it is acquired in exchange for a nonmonetary asset when the transaction has commercial substance.
(c) Explain how to determine a machine's cost if it is acquired in exchange for a similar machine, a small cash payment is made, and the transaction lacks commercial substance.
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