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Company X has a machine with a book value of $10,000 and a fair value...

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Accounting

Company X has a machine with a book value of $10,000 and a fair value of $15,000. Company Y has a machine with a book value of $16,000 and a fair value of $14,000. Company X and Y exchange machines. In addition, Company X gives $1,000 to Company Y as a result of the exchange. The transaction is deemed to have commercial substance and the fair value measurement of the assets are equally reliable. Company X would record the machine acquired from Company Y at?:
Question 30Select one:
a.
$11,000
b.
$15,000
c.
$14,000
d.
$16,000

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