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What a should record for nonmonetary exchange

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Problem 1: A exchanged a piece of equipment that originally cost $40,000 and currently has a book value of $10,000 for a truck with a fair value of $22,000. The equipment has a fair value of $12,000 at the time of the exchange. A also paid the other company $10,000 cash. The exchange was considered to have commercial substance. As a result of this nonmonetary exchange, A should record

Reference no: EM132631464

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What a should record for nonmonetary exchange : A also paid the other company $10,000 cash. The exchange was considered to have commercial substance. As a result of this nonmonetary exchange, A should record
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