Recipient Co. should record the asset received at

Q: Bryant Inc. and Rizzo Co. have an exchange that lacks commercial substance. The asset given up by…

A: An asset is a monetary resource that an individual, corporation, or government owns or controls in…

Q: 1. On December 29, 20x1, an entity commits itself to purchase a financial asset for ₱10,000, which…

A: Purchase Cost of Financial asset= P10000 Fair value on 31st december, 20x1= P12000 Fair value on 4th…

Q: The Bronco Corporation exchanged land for equipment. The land had a book value of $138,000 and a…

A: Exchange means to give up something for something else. Here in the question, Land is exchanged with…

Q: Payor Inc. and Recipient Co. have an exchange with no commercial substance. The asset given up by…

A: In case of exchange transaction lacks commercial substance or fair value of neither the asset given…

Q: A company exchanged land and cash of $4,000 for similar land. The book value and the fair value of…

A: An asset is a monetary resource owned or controlled by an individual, corporation, or country with…

Q: Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to…

A: Hi studentSince there are multiple questions, we will answer only first question.The horizontal…

Q: Misha Corp. exchanged Land B. Misha originally Land A for $150,000 and Land A's fair value was…

A: D. 15000 Reason being- The amount of land A is $150,000 and along with that a consideration in cash…

Q: New Corp. traded an old machine with book value of $60,000 (original cost $110,000) and a fair value…

A: Gain on machine = Fair value of machine exchanged - book value of old machine = 90000-60000 =…

Q: Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc. has…

A: Solution: Asset received in exchange will be recorded at book value of asset given up plus any cash…

Q: FAITH Inc and HOPE Co. have an exchange with no commercial substance. The asset given up by FAITH…

A: Here discussing the factors of exchanging the assets with no commercial substance with this on the…

Q: King Corp. traded an old machine with book value of $60,000 (original cost $110,000) and a fair…

A: Gain on machine = Fair value of machine exchanged - book value of old machine = 90000-60000 =…

Q: Company A had a machine with a carrying amount of P450,000.  Company B had a delivery vehicle with a…

A: Here PFRS will apply

Q: Exchanges Basic steps in recording nonmonetary asset exchanges: Step 1: Record the new asset af fuir…

A: given that, Book value of asset = $260000 fair value of the asset = $300000

Q: The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a…

A: When the fair value of equipment is included as part of consideration in a transaction and is…

Q: ABC Inc. and XYZ Co. have an exchange with no commercial substance. The asset given up by ABC Inc.…

A: An exchange has commercial substance if an entity expects the likelihood, the timing, or quantity of…

Q: Grabrille Inc. and Lucy Company have an exchange with no commercial substance. The asset given up by…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: how much is the carrying amount of the investment in the December 31, 20x1 statement of financial…

A: Given information is: On December 29, 20x1, an entity commits itself to purchase a financial asset…

Q: Pearl’s Delivery Company and Martinez’s Express Delivery exchanged delivery trucks on January 1,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: Coronado Inc. and Wildhorse Co. have an exchange with no commercial substance. The asset given up by…

A: Formula: Realized gain = Fair value - Asset book value.

Q: C Inc. and D Co. have an exchange with no commercial substance. The asset given up by C Inc. has a…

A: If exchange has no commercial substance, there will be no profit or loss and exchange will be…

Q: Jersey Inc. and Texas Co. have an exchange with no commercial substance. The asset given up by…

A: The old assets given up by the company are recorded at book value of the particular asset.

Q: Vaughn Inc. and Cullumber Co. have an exchange with no commercial substance. The asset given up by…

A: Value of assets received = Book value of assets Given + Cash paid/Value of assets given

Q: XYZ Company exchanges the rights to distribute a product in Brisbane which have a carrying amount of…

A: The question is related to acquisition of Intangible asset in exhange for another Intangible asset.…