Nonmonetary Exchange help needed.

  • Creator
    Topic
  • October 13, 2015 at 11:49 pm #197527
    Anonymous
    Inactive

    Could someone explain the following question:

    Amble Inc exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $4,000 cash. The fair value of the truck received was $16,000. At what amount should amble record the truck received in the exchange under GAAP?

    Answer

    $9,600

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