Solution-What amount crestman recognize as a gain on

What amount crestman recognize as a gain on exchange

Reference no: EM133036270

Question - Crestman Co. exchanged inventory with Dandy Co. in a transaction that lacks commercial substance. Crestman's inventory had a cost of $50,000 and fair value of $80,000 on the date of the exchange. Crestman received inventory with a fair value of $56,000 and $24,000 cash from Dandy. What amount, if any, should Crestman recognize as a gain on the exchange?

Reference no: EM133036270

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What amount crestman recognize as a gain on exchange : Crestman received inventory with a fair value of $56,000 and $24,000 cash from Dandy. What amount, if any, should Crestman recognize as a gain

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What amount crestman recognize as a gain on exchange

Reference no: EM133036270

Reference no: EM133036270

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