Rivera Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery

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Rivera Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair value if $19,000 and cash of $5,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance.

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Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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