Hinrich Company traded machinery with a book value of $120,000 and a fair value of $200,000. It
Question:
Hinrich Company traded machinery with a book value of $120,000 and a fair value of $200,000. It received in exchange from Noach Company a machine with a fair value of $180,000 and cash of $20,000. Noachs machine has a book value of $190,000. What amount of gain should Hinrich recognize on the exchange?
Noach Company traded machinery with a book value of $190,000 and a fair value of $180,000. It received in exchange from Hinrich Company a machine with a fair value of $200,000. Noach also paid cash of $20,000 in the exchange. Hinrichs machine has a book value of $190,000. What amount of gain or loss should Noach recognize on the exchange?
Marlin Company traded machinery with a book value of $180,000 and a fair value of $300,000. It received in exchange from Keach Company a machine with a fair value of $270,000 and cash of $30,000. Keachs machine has a book value of $285,000. What amount of gain should Marlin recognize on the exchange?
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach