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Determine original cost of the new asset xyz should report

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Question - XYZ Company exchanged equipment used in its manufacturing operations for a similar piece of equipment used in the operations of ABC Corporation. The following information pertains to the exchange. The exchange lacks commercial substance.

ABC Company XYZ Company

Equipment (costs) $28,000 $34,000

Accumulated Depreciation 12,000 10,000

Fair Value of Equipment 27,500

Cash given up 6,000

Determine the Original Cost of the New Asset XYZ should report on their balance sheet as a result of this exchange as well as the gain or loss from the exchange, respectively.

Reference no: EM133071179

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