LIFE, ACCIDENT AND HEALTH INSURERS

Valuation of equipment Book value of equipment given $ 9,000 Fair value of boot given 3,000 New equipment $12,000 OR. Fair value received $15,500 Less: Gain deferred 3,500* New equipment $12,000 *Fair value of old equipment $12,500 Book value of old equipment (9,000) Gain on disposal $ 3,500 ................
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