quashawn9638 quashawn9638

04-11-2022
Business

Answered

a fixed asset with a cost of $20,796 and accumulated depreciation of $18,716 is traded for a similar asset priced at $68,638 (fair market value) in a transaction with commercial substance. assuming a trade-in allowance of $4,903, at what cost will the new equipment be recorded in the books?

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