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oksano4ka [1.4K]
3 years ago
11

Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co.

had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 2014. On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $700,000. The fair value of the Kurtz contract was $8,400,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Colt's books at
Business
1 answer:
vlada-n [284]3 years ago
7 0

Answer:

the amount after the exchange is $6,300,000

Explanation:

The computation of the amount after the exchange is as follows;

= Book value + cash paid

= $5,600,000 + $700,000

= $6,300,000

Since it has no commerical substance so no loss or no gain is recorded

hence, the amount after the exchange is $6,300,000

Therefore the same is to be considered

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