Question

Below is the information relative to an exchange of assets by Stanton Company. The exchange lacks...

Below is the information relative to an exchange of assets by Stanton Company. The exchange lacks commercial substance.

Old Equipment:

Book value= $150,000

Fair value= $ 135,000

Cash Paid= $21,000

A. What would Stanton Recored the equipment at?

B. What would Santon Record for the gain or loss/

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