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How much should jason record the asset

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Reference no: EM132811732

On December 15, 2020, Tenorio Company amd Jason Company exchanged equipment. The following data are available on the exchange.

                                                           Tenorio                   Jason

Equipment (cost)                         500,000           300,000

Accumulated Depreciation                 300,000          50,000

Fair value of Equipment                     180,000            220,000

Cash paid by Tenorio to Jason                40,000           40,000

Problem 1: How much should Tenorio record the asset?

Problem 2: How much should Jason record the asset?

Reference no: EM132811732

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