Business, 21.05.2020 00:10 SketchWasTaken

On December 1, 2020, Coronado Industries acquired new equipment in exchange for old equipment that it had acquired in 2017. The old equipment was purchased for $219000 and had a book value of $84600. On the date of the exchange, the old equipment had a fair value of $94000. In addition, Coronado paid $289000 cash for the new equipment, which had a list price of $389000. The exchange lacked commercial substance. At what amount should Coronado record the new equipment for financial accounting purposes? $383000. $289000. $373600. $389000

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On December 1, 2020, Coronado Industries acquired new equipment in exchange for old equipment that i...

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