For exchanges of plant assets with commercial substance,the new asset received will be recorded at its market value.

Name: For exchanges of plant assets with commercial substance,the new asset received will be recorded at its market value.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the accounting standard GAAP, exchanges of plant assets with commercial substance are recorded at their fair market value. This ensures that the value of the new asset received is accurately reflected on the company's balance sheet.

For Exchanges of Plant Assets with Commercial Substance,the New Asset