Hagen Co. exchanged a truck with a carrying amount of $12,000 and a fair value of $15,000

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Hagen Co. exchanged a truck with a carrying amount of $12,000 and a fair value of $15,000 for a truck,paying $5,000 cash as well.

The fair value of the truck received was $20,000. The exchange was considered to have commercial substance.

At what amount should Hagen record the truck received in the exchange?

Related Book For answer-question

Intermediate accounting

ISBN: 978-0077647094

7th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Posted Date: May 17, 2023 01:22 AM

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Hagen Co. exchanged a truck with a carrying amount of $12,000 and a fair value of $15,000

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In an exchange transaction that has commercial substance th... View the full answer

Intermediate accounting

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