Winkipop Ltd provides consulting services to Rincon Ltd. Rather than being paid in cash, it...
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Winkipop Ltd provides consulting services to Rincon Ltd. Rather than being paid in cash, it is agreed that Rincon Ltd will transfer some equipment to Winkipop Ltd. The equipment is recorded in Rincon Ltds accounts at a cost of $90 000 and with accumulated depreciation of $40 000. The fair value of the machinery is assessed at $80 000. How much income should be recognised by Winkipop Ltd, and what accounts will be affected by the transaction from Winkipop Ltds perspective?
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