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Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carta Vista Co. has a book value of $117000. 1a fair value of $102000. Boot of $15000 is received by Carla Vista Co What amount should Sheridan Inc. record for the asset received? $102000 $117000 $87000 $74000

Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carta Vista Co. has a book value of $117000. 1a fair value of $102000. Boot of $15000 is received by Carla Vista Co What amount should Sheridan Inc. record for the asset received? $102000 $117000 $87000 $74000

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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Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carla Vista Co. has a book value of $117000 and a fair value of $102000. Boot of $15000 is received by Carla Vista Co. What amount should Sheridan Inc. record for the asset received? $102000 $117000 $87000 174000
Transcribed Image Text:Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carla Vista Co. has a book value of $117000 and a fair value of $102000. Boot of $15000 is received by Carla Vista Co. What amount should Sheridan Inc. record for the asset received? $102000 $117000 $87000 174000
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