FEEBLE Co. exchanged equipment with WEAK, Inc. Pertinent data are shown be3low: FEEBLE Co. WEAK, Inc. Equipment 4,000,000 8,000,000 Accumulated depreciation 800,000 3,200,000 Carrying amount 3,200,000 4,800,000 Fair value 3,800,000 4,400,000 Cash paid by FEEBLE to WEAK 600,000 600,000 In FEEBLE’s books, what amounts are
FEEBLE Co. exchanged equipment with WEAK, Inc. Pertinent data are shown be3low: FEEBLE Co. WEAK, Inc. Equipment 4,000,000 8,000,000 Accumulated depreciation 800,000 3,200,000 Carrying amount 3,200,000 4,800,000 Fair value 3,800,000 4,400,000 Cash paid by FEEBLE to WEAK 600,000 600,000 In FEEBLE’s books, what amounts are
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- FEEBLE Co. exchanged equipment with WEAK, Inc. Pertinent data are shown be3low:
|
|
FEEBLE Co. |
WEAK, Inc. |
|
Equipment |
4,000,000 |
8,000,000 |
|
|
800,000 |
3,200,000 |
|
Carrying amount |
3,200,000 |
4,800,000 |
|
Fair value |
3,800,000 |
4,400,000 |
|
Cash paid by FEEBLE to WEAK
|
600,000 |
600,000 |
In FEEBLE’s books, what amounts are recognized for the following?
|
Equipment |
|
Gain (Loss) |
|
a. 5,000,000 |
|
1,200,000 |
|
b. 4,400,000 |
|
600,000 |
|
c. 3,800,000 |
|
1,200,000 |
|
d. 3,400,000 |
|
(600,000) |
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