Solved: Assume lack of commercial substance j j pays 500 in cash j, Accounting Basics

Assume lack of commercial substance j j pays 500 in cash j

J & J trades an asset that had a book value of $18,000 for another asset with a fair market value of $20,000. Assume lack of commercial substance. J & J pays $500 in cash. J & J's asset has a fair market value of $19,500. J & J would record the cost of the new asset at?

$21,500
$18,500
$19,500
$20,000

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Accounting Basics: Assume lack of commercial substance j j pays 500 in cash j

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