XZ owned Asset A that was reflected in the accounts as: cost, $60,000 and accumulated amortization, $35,000.
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XZ owned Asset A that was reflected in the accounts as: cost, $60,000 and accumulated amortization, $35,000. Its market value in present condition is reliably estimated to be $38,000. XZ acquired Asset B (a similar asset) that had a firm cash price of $32,000. The asset acquired (B) was paid for by trading in Asset A and paying cash of $16,000.
Give the entry XZ should make to record this transaction.
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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