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(Solution Document) In 2017, Company A and Company B entered into an agreement to exchange machinery. Per the agreement, Company A provided a forklift to Company B in...


In 2017, Company A and Company B entered into an agreement to exchange machinery. Per the agreement, Company A provided a forklift to Company B in exchange for Company B's tractor. To complete the exchange, Company B paid Company A $15,000 cash. Each company reported the machines as fixed assets on their respective balance sheets. Information about the machines for each company is included in the tables below:


Company A's forklift

Company B's tractor

Fair Market Value

$150,000

?

Original Cost

$225,000

$190,000

Accumulated Depreciation

$55,000

$70,000

A)    Determine the fair market value of Company B's tractor on the date of the exchange. 

 


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