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How much gain or loss should Zebra recognize on the exchange

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Reference no: EM132912166

Question - Nonmonetary Exchanges

a) Alpha Corporation exchanged machinery with a carrying value of $48,000 and a fair value of $80,000 for other machinery with a fair value of $50,000 and $30,000 cash. The exchange lacks commercial substance.

Place answers on the lines provided and show all work in the space provided.

1. How much gain or loss should Alpha recognize on the exchange?

2. At what amount should Alpha record the machinery received?

b) Zebra Corporation exchanged equipment with a carrying value of $24,000 and a fair value of $40,000 for other equipment with a fair value of $35,000 and $5,000 cash. The exchange lacks commercial substance.

Place answers on the lines provided and show all work in the space provided.

1. How much gain or loss should Zebra recognize on the exchange?

2. At what amount should Zebra record the equipment received?

Reference no: EM132912166

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