Chapter 15 Problem 15-17
Delivery equipment - new 2,300,000
Accumulated depreciation 1,300,000
Loss on exchange 150,000
Input tax 300,000
Insurance 120,000
Taxes and licenses 10,000
Delivery equipment – old 1,500,000
Cash 2,680,000
Fair value of asset given 50,000
Cash paid 2,680,000
Total 2,730,000
Less: VAT 300,000
Insurance 120,000
Registration fee 10,000 430,000
Cost of new asset 2,300,000
Fair value 50,000
Book value 200,000
Loss on exchange (150,000)
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