Question

How would the transaction in BE23-11 be recorded if it were arm's-length?
In BE Textile manufacturer Peterson Corp. exchanges computer software having a carrying amount of $11,000 with the real estate company Frederick Corp. The software that is received in exchange from Frederick Corp. has a carrying amount of $15,100, performs different functions, and has a fair value of $20,800. Both companies are 100% owned by the same individual and since they are closely held companies they both follow


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  • CreatedAugust 23, 2015
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