The Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair value of $154,000. Bronco received $12,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What
The Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair value of $154,000. Bronco received $12,000 from the owner of the equipment to complete the exchange which has commercial substance.
Required:
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.
Homework Answers
Req 1)
154,000-12,000= 142,000 fair value (answer)
Req 2)
dr. equipment- new 142,000
dr. cash 12,000
cr. land-old 122,000
cr. gain on exchange of assets 32,000
142,000-122,000+12,000= 32,000
Add Answer to:
The Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair value of $154,000. Bronco received $12,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000 from the owner of the equipment to complete the exchange which has commercial substance.
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000 from the owner of the equipment to complete the exchange which has commercial substance. Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco paid the owner of the equipment $13,000 to complete the exchange which has commercial substance. Required: 1. What is the fai
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco paid the owner of the equipment $13,000 to complete the exchange which has commercial substance. Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.
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