FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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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