A service station in Manchester, acquired for 420,000 and written down to 312,000, was traded in for
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A service station in Manchester, acquired for £420,000 and written down to £312,000, was traded in for another in Birmingham with the market value of £600,000. A cash payment of £150,000 was made as part of the trade-in. At what value should the Birmingham service station be reported in accounts?
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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