Below is the information relative to an exchange of assets by Stanton Company. The exchange...
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Accounting
Below is the information relative to an exchange of assets by Stanton Company. The exchange has commercial substance. In case 1 FMV of new asset is $270,000; in case 2 the FMV of the new asset is $156,000.
Old Equipment
New Eqpt
Book Value
Fair Value
Cash Paid
Fair Value
Case I
$225,000
$225,000
$45,000
$270,000
Case II
$150,000
$135,000
$21,000
$156,000
Record the 2 Journal Entries from the above cases
Answer & Explanation
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