A fixed asset with a cost of $37,927 and accumulated depreciation of $34,134 is traded for...
A fixed asset with a cost of $37,927 and accumulated depreciation of $34,134 is traded for a similar asset priced at $40,732 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $5,136, at what cost will the new equipment be recorded in the books?
a. $35,596 b. $40,732 c. $44,525 d. $39,389
Homework Answers
|
Equipment to be recorded in books = Book value of old asset + Cash paid = (37,927-34,134) + (40,732-5,136) = 3,793 + 35,596 = 39,389 |
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