Business, 21.11.2019 21:31 cpcoolestkid4

On december 1, 2017, sheridan company acquired new equipment in exchange for old equipment that it had acquired in 2014. the old equipment was purchased for $204000 and had a book value of $71890. on the date of the exchange, the old equipment had a fair value of $79000. in addition, sheridan paid $274000 cash for the new equipment, which had a list price of $374000. the exchange lacked commercial substance. at what amount should sheridan record the new equipment for financial accounting purposes?

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