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Beerbo Inc. traded a used truck for a small computer. Before this exchange of non-monetary assets (ENMA), Beerbo's balance sheet show the used truck at a cost of $30,000 with an accumulated depreciation balance of $27,000. The fair value of the small computer was $37,000. Beerbo also paid $36,000 in the transaction. Assume the ENMA has commercial substance. What is the total fair value given by Beerbo in this transaction

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Zviko

Answer:

the total fair value given by Beerbo in this transaction is $73,000

Explanation:

According to IAS 16 :

If the Exchange of Non Monetary Asset is of Commercial Substance, the Asset Acquired is measured at Fair Value of Asset given up.

When Fair Value of Asset Acquired is more evident the Asset Acquired is measured at Fair Value of Asset Acquired.

Total Value Given Up:

Fair value of the small computer $37,000

Add Cash                                       $36,000

Total Value                                    $73,000

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