Homework Answers
Ans. As per IfRS on propety plant and equipment, if therenis exchange of assets then they should be valued at fair value unless the exchange lacks commercial substance. In such cases, asset acquired should be measured at fair value of asset given up unless fiar value of asset acquired is more reliable. So new machine should measured at 850.
Journal for Sun corp.
New Asset. 850
Loss on exchange. 150
Old asset. 1000
Following the same concept Moon Ltd will record the asset acquired at fair value of asset given up which is 1400
Journal in books of Moon
New Asset. 1400
Old asset. 800
Gain on exchange. 600
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thanks
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invoices with the use of an adding machine. Before long, the
accountant, who had never before seen such a machine, managed to
break the machine. Skysong Corporation gave the machine plus $360
to Concord Business Machine Company (dealer) in exchange for a new
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thanks
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