A nonmonetary exchange is recognized at fair value of the assets exchanged unless Exchange has commercial substance.

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A nonmonetary exchange is recognized at fair value of the
assets exchanged unless

Exchange has commercial substance.
Fair value is not determinable.
The assets are similar in nature.
The assets are dissimilar.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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Posted Date: Feb 09, 2023 01:07 AM

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A nonmonetary exchange is recognized at fair value of the assets exchanged unless Exchange has commercial substance.

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Intermediate Accounting

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