Multiple Choice
Use the following information for questions
Equipment that cost $66,000 and has accumulated depreciation of $30,000 is exchanged for equipment with a fair value of $48,000 and $12,000 cash is received.The exchange lacked commercial substance.
-The new equipment should be recorded at
A) $48,000.
B) $36,000.
C) $30,000.
D) $28,800.
Correct Answer:
Verified
Correct Answer:
Verified
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