Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $32,000 (original cost of $83,000 less accumulated depreciation of $51,000) and $23,000, respectively. Assume Calaveras paid $9,000 in cash and the exchange has commercial substance. (1) At what amount will Calaveras value the pickup trucks
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Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equip...
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