Rust, Inc.exchanged a truck that cost $30, 000 (now 50% depreciated)for equipment with an appraised value of $25, 000.Rust paid boot of $6, 000.Rust should record the equipment at

Name: Rust, Inc.exchanged a truck that cost $30, 000 (now 50% depreciated)for equipment with an appraised value of $25, 000.Rust paid boot of $6, 000.Rust should record the equipment at
Brand: Quizplus
Rating: 4.8 (61 reviews)

Question

Quizplus · Accepted Answer

The equipment should be recorded at its appraised value, which is $25,000. The boot paid is not included in the value of the equipment.

Rust, IncExchanged a Truck That Cost $30, 000 (Now 50% Depreciated)for