In 4/12/2017 company A exchanged old equipment that have with an old building, the company paid...

 

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In 4/12/2017 company "A" exchanged old equipment that have with an old building, the company paid for this exchange transaction amount of 50,000 $. The Book value of equipment is 150,000 $ (Historical cost 500,000 $ and the accumulated Depreciation 350,000$). The fair value estimated of building at date of transaction is 300,000 $. When company received the legal wright of the building, it paid the 65,000 $ as expenditures to repair and maintain the old building. The entry of exchange assuming that the commercial basis for the exchange transaction is available is: ? In 4/12/2017 company "A" exchanged old equipment that have with an old building, the company paid for this exchange transaction amount of 50,000 $. The Book value of equipment is 150,000 $ (Historical cost 500,000 $ and the accumulated Depreciation 350,000$). The fair value estimated of building at date of transaction is 300,000 $. When company received the legal wright of the building, it paid the 65,000 $ as expenditures to repair and maintain the old building. The entry of exchange assuming that the commercial basis for the exchange transaction is available is: ?

Answer rating: 100% (QA)

Based on the information provided the commercial basis for the exchange transaction is available ... View the full answer