Business, 21.05.2020 00:15, mairimespinal

On December 1, 2020, Concord Corporation acquired new equipment in exchange for old equipment that it had acquired in 2017. The old equipment was purchased for $216000 and had a book value of $83720. On the date of the exchange, the old equipment had a fair value of $91000. In addition, Concord paid $286000 cash for the new equipment, which had a list price of $386000. The exchange lacked commercial substance. At what amount should Concord record the new equipment for financial accounting purposes?

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On December 1, 2020, Concord Corporation acquired new equipment in exchange for old equipment that i...