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What is the amount of Gain recognized

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Question - R&R Corporation trades a parcel of land to OBX Corp for a similar parcel of land. You may assume this transaction lacks commercial substance. The following information is applicable to this scenario:

The old parcel of land had a book value of: $200,000

The old parcel of land had a fair value of: $150,000

OBX paid Cash to R&R for the following amount in addition to transferring their own parcel of land: $75,000

What is the amount of Gain recognized on the above non-monetary exchange? Enter the amount as a positive whole number or Zero if no gain was recognized.

What is the journal entry needed for the non-monetary exchange?

Reference no: EM132996703

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