Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. florida pharmaceuticals exchanged laser equipment

Florida Pharmaceuticals exchanged laser equipment with a book value of $70,000 and a fair value...

50.1K

Verified Solution

Question

Accounting

Florida Pharmaceuticals exchanged laser equipment with a book value of $70,000 and a fair value of $85,000 for the similar old model of laser equipment. In addition to the old equipment, $8,000 in cash was given. The exchange is deemed to have no commercial substance. Florida should record the acquired laser equipment at ____

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

The current riskfree rate is 4% and the expected rate of return on the market portfolio is...

Chemistry
1.2K views

The decomposition of N2O to N2 and O2 is a first-order reaction. At 730° C the...

Finance
1.2K views

Which amount will be worth more in the future? (1)    $300 invested monthly for 35...

Physics
1.2K views

In each situation of Column 1 and incident wavefront and its corresponding reflected or refracted...

Physics
1.2K views

Use the steps you used in the last two problems to solve. A 4357-kg roller...

Geometry
1.2K views

Match the polygon below with the correct name A N gon Undecagon Heptagon Nonagon Triangle...

Accounting
1.2K views

Support Department Cost Allocation-Direct Method Yo-Town Inc. produces yogurt: Information related to the company's yogurt...

Accounting
1.2K views

Weekyly discussion question: A local country club runs a very successful

Accounting
1.2K views

Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to...

Accounting
1.2K views

Assuming you make 4 clesing entries, what amount should be credited to income summary when...

Accounting
1.2K views

Estimating and Recording Bad Debt Estimates and Write-Offs; Reporting of Accounts Receivable Mast...

Accounting
1.2K views

In your analysis, recalculate the product costs for CTC/A105 and CTC/B107 using activity-based costing and...