China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $14,000 and $9,000 (original cost of $44,000 less accumulated depreciation of $35,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,000 in cash to Midwest Chicken.
1. At what amount did China Inn record the delivery truck?
Hi there! Click one of our representatives below and we will get back to you as soon as possible.