correct Ch. 10 Test 6. 100 Brief Exercise 10-13 Nonmonetary exchange [L010-61 Ca

Question

correct Ch. 10 Test 6. 100 Brief Exercise 10-13 Nonmonetary exchange [L010-61 Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equspment wore $35,000 (original cost o $87,500 less accumulated depreciation af $52,500) and $46,500, respectively. To equaize far values, Calaveras paid $6,500 in cash. Assume the exchange lacks At what aount wil Calaveras value the pickup trucks? How much gain or loss will the compary scognize on the exchange? TOSHIBA esc 2 4 5 tab

Explanation / Answer

Calculate Value of pickup trucks :

Value of pickup trucks = (35000+6500) = 41500

How much gain or loss on this exchange

Value of pickup trucks = 41500

Exchange value = (35000+6500) = 41500

Gain (loss) = Nil

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