The bronco corporation exchanged land for equipment. the land had a book value of $122,000 and a fair value of $154,000. bronco

Question

Inessa05 [86]

4 years ago

9

The bronco corporation exchanged land for equipment. the land had a book value of $122,000 and a fair value of $154,000. bronco

paid the owner of the equipment $12,000 to complete the exchange which has commercial substance.

Business

2 answers:

USPshnik [31] · Answer 1 · 2022-01-23T16:37:30+03:00

USPshnik [31]4 years ago

7 0

<span>Fair value of land + Cash given = Fair value of equipment$154000 + 12000 =166000 Equipment (154000 + 12000 )166000 Cash 12000 Land (Book Value)122,000 Gain ($154,000 - $122,000) 32000</span>

stepladder [879] · Answer 2 · 2022-01-23T17:44:29+03:00

stepladder [879]4 years ago

7 0

Answer:

Fair value of land + Cash given = Fair value of equipment$154000 + 12000 =166000 Equipment (154000 + 12000 )166000 Cash 12000 Land (Book Value)122,000 Gain ($154,000 - $122,000) 32000

Explanation: