Intermediate Accounting 7e ISBN: 9780078025327 Solutions Manual Testbank McGraw Hill

Intermediate Accounting 7th EditionSpiceland, Sepe, Nelson & TomassiniSolutions Manual

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Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively.

Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively.

Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of:

	$26,000.
	$8,000.
	$(8,000).
	$0.

Equipment-new (FV of old + $18,000)	108,000
Cash		18,000
Equipment-old (book value)		82,000
Gain ($90,000 – 82,000)		8,000