Homework Answers
(1)-The fair value of the equipment
The fair value of the equipment = Fair Value of the Land exchanged – Cash received from the owner of the Equipment
= $174,000 - $22,000
= $152,000
(2)-The journal entry to record the exchange
|
General Journal |
Debit ($) |
Credit ($) |
|
Equipment A/c [$182,000 - $26,000] |
152,000 |
|
|
Cash A/c |
22,000 |
|
|
To Land A/c |
132,000 |
|
|
To Gain on Exchange A/c |
42,000 |
|
|
[Journal entry to record the exchange] |
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