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Cedric Company traded in an old model computer for cleaning equipment.. The old model's book value was $180,000 (cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 in the exchange. Determine the amount that the cleaning equipment will be valued at. SHOW YOUR CALCULATIONS

Cedric Company traded in an old model computer for cleaning equipment.. The old model's book value was $180,000 (cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 in the exchange. Determine the amount that the cleaning equipment will be valued at. SHOW YOUR CALCULATIONS

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cedric Company traded in an old model computer for cleaning equipment.. The old model's book value was $180,000 (cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 in the exchange. Determine the amount that the cleaning equipment will be valued at. SHOW YOUR CALCULATIONS
Transcribed Image Text:Cedric Company traded in an old model computer for cleaning equipment.. The old model's book value was $180,000 (cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 in the exchange. Determine the amount that the cleaning equipment will be valued at. SHOW YOUR CALCULATIONS
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