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Determine the fair market value of company b tractor

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Question - In 2017, Company A and Company B entered into an agreement to exchange machinery. Per the agreement, Company A provided a forklift to Company B in exchange for Company B's tractor. To complete the exchange, Company B paid Company A $15,000 cash. Each company reported the machines as fixed assets on their respective balance sheets. Information about the machines for each company is included in the tables below:

Company A's forklift Company B's tractor

Fair Market Value $150,000 ?

Original Cost $225,000 $190,000

Accumulated Depreciation $55,000 $70,000

Required - Determine the fair market value of Company B's tractor on the date of the exchange.

Reference no: EM131711685

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