ACC 304 All Assignments ACC 304 All Assignments | Page 189

fair value of the asset received and Sayler's carrying amount of that
asset. Huff should recognize the difference between the carrying
amount of the asset it surrendered and
28) A machine cost $600,000, has annual depreciation of $100,000, and
has accumulated depreciation of $450,000 on December 31, 2014. On
April 1, 2015, when the machine has a fair value of $137,500, it is
exchanged for a machine with a fair value of $675,000 and the proper
amount of cash is paid. The exchange had commercial substance.
The gain to be recorded on the exchange is
29) Glen Inc. and Armstrong Co. have an exchange with no commercial
substance. The asset given up by Glen Inc. has a book value of $36,000
and a fair value of $45,000. The asset given up by Armstro ng Co. has a
book value of $60,000 and a fair value of $57,000. Boot of $12,000 is
received by Armstrong Co.
What amount should Glen Inc. record for the asset received?
30) Glen Inc. and Armstrong Co. have an exchange with no commercial
substance. The asset given up by Glen Inc. has a book value of $36,000
and a fair value of $45,000. The asset given up by Armstrong Co. has a