An asset is exchanged for another asset and cash is received in the transaction. the fair value of the assets are not determinable. at what amount should the new asset be recorded?

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26-07-2022
Social Studies

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An asset is exchanged for another asset and cash is received in the transaction. the fair value of the assets are not determinable. at what amount should the new asset be recorded?

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-08-05T19:15:50+02:00

An asset is exchanged for another asset and cash is received in the transaction. the fair value of the assets is not determinable. Book value of the asset given up less the cash received. Book value amount should be recorded

This is further explained below.

What is Book value?

Generally, the value that is displayed on accounting records as opposed to the worth that anything would have on the market, is the value of an asset, which is calculated by subtracting its cost from its annual depreciation.

In conclusion, In this transaction, one asset is traded for another one, and cash is obtained as a result of the exchange. It is not possible to determine what the assets are really worth. Book value of the asset that was sold minus the amount of cash that was received. The amount of the book value has to be noted.