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What should Heritage Co record as the cost of the new asset

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Question - Heritage Co. traded equipment with an original cost of $100,000 and accumulated depreciation of $20,000 for a new piece of equipment with a fair value of $90,000. In addition, Heritage Co. received $10,000 cash. Assume the exchange has commercial substance. What should Heritage Co. record as the cost of the new asset?

Reference no: EM132547560

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