Pate paid $ 50,000 and gave a plot of undeveloped land with a carrying amount of $
Question:
Pate paid $ 50,000 and gave a plot of undeveloped land with a carrying amount of $ 320,000 and a fair value of $ 450,000 to Bizzell Co. in exchange for a plot of undeveloped land with a fair value of $ 500,000. The land was carried on Bizzell’s books at $ 350,000. The exchange is one that has commercial substance under U. S. GAP. At what amount is the land received from Pate recorded on Bizzell’s books?
a. $ 370,000
b. $ 320,000
c. $ 500,000
d. $ 450,000
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Choice c is correct All of the research and develo...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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