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Business, 26.03.2020 23:42 avaverretkj

Hina 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 $22,500 and $15,000 (original cost of $40,000 less accumulated depreciation of $25,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,600 in cash to Midwest Chicken. 1. At what amount did China Inn record the delivery truck?

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