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Describe how to record an asset that is acquired by company

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Reference no: EM131717226

Question - Usually an asset is acquired by paying cash or credit; the accounting treatment as we know is very straight forward and we put this asset on the balance sheet at cost acquired. But when one company trades its asset for an asset of another company, the accounting treatment is quite different. Can you describe how to record an asset that is acquired by a company from another company in exchange of its own asset?

Reference no: EM131717226

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