China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave… 1 answer below »
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China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $14,000 and $9,000 (original cost of $44,000 less accumulated depreciation of $35,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,000 in cash to Midwest Chicken.
1. At what amount did China Inn record the delivery truck?
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