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What will be the cost of the specialized machinery

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Harris Ltd. exchanged a parcel of land with a carrying value of $15 million and fair value of $20 million, for some highly specialized machinery from Biden Corp. In addition, Harris Ltd. also paid $5 million along with the land in a transaction holding commercial substance to obtain the machinery.

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Problem 1: What will be the cost of the specialized machinery in the financial statements of Harris Ltd.?

Reference no: EM132743495

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