Difference between carrying amount of asset

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Reference no: EM13148070

Scott Co. exchanged similar nonmonetary assets with Dale Co. No cash was exchanged. The carrying amount of the asset surrendered by Scott exceeded both the fair value of the asset received and Dale's carrying amount of that asset. If the transaction lacks commercial substance, Scott should recognize the difference between the carrying amount of the asset it surrendered

Reference no: EM13148070

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