Firm A exchanged land with Firm B. In addition, Firm A received $19,080 in cash...
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Firm A exchanged land with Firm B. In addition, Firm A received $19,080 in cash to complete the transaction. Land details are provided below:
| Firm A Land (old land) | Firm B Land (new land) | |
| Original Cost | 85,000 | 60,000 |
| Fair Value | 95,400 | 76,500 |
Record the exchange for Firm A assuming the exchange has commercial substance.
Record the exchange for Firm A assuming the exchange lacks commercial substance.
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