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Showing posts with label Intermediate Accounting. Show all posts
Showing posts with label Intermediate Accounting. Show all posts
Tuesday, September 27, 2016
Sunday, August 17, 2014
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:
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 |
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