Record commerce bank trade-in of old fixtures for new ones

Reference no: EM131819846

Question: Exchanging assets-two situations Commerce Bank recently traded in office fixtures. Here are the facts:

Requirements: 1. Record Commerce Bank's trade-in of old fixtures for new ones. Assume the exchange had commercial substance.

2. Now let's change one fact. Commerce Bank feels compelled to do business with Shoreside Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Commerce Bank is aware that the new fixtures' market value is only $135,000. Record the trade-in. Assume the exchange had commercial substance.

Reference no: EM131819846

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