Question 19 2 pts Varney Inc. exchanged land and $20,000 in cash for equipment. The...
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Accounting
Question 19 2 pts Varney Inc. exchanged land and $20,000 in cash for equipment. The book value and the fair value of the land were $160,000 and $180,000, respectively. The transaction has commercial substance. Which of the following choices would be correct? Record equipment at $200,000 & record a gain of: $60,000 Record equipment at & record a gain of $180,000 $40,000 Record equipment at & record a gain of $160,000 $20,000 Record equipment at & record a gain of $200,000 $20,000
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