Accounting : Asset Exchanged at a Gain

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  On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as Asset A, and Wiggins is referred to as Asset B.

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  A key accounting issue during this time is whether to recognize impairment in the value of a long-lived asset.

• Edmond Company and Rosen Corporation Journal Entries for Exchange of Equipment

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• How to Account for Forward Exchanges

  or exchanged.

• Nonmonetary Exchange: Smith and Jones exchange land

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• Holding Period and Basis in Like-Kind Exchange

  from a sale or exchange, the same basis in whole or in part in his hands as the property exchanged, and, in the case of such exchanges after March 1, 1954, the property exchanged at the time of such exchange was a capital asset as defined in section

• Do non-monetary assets take on the historical cost of the pa

  If an asset is exchanged or received, the fair value of the asset that is either given up, or received, would be based on the fair value, and the fair value would be used for whichever asset (given up or received) is more easily determinable.

• Trade-in

  In similar asset exchange, the gain is not recognized.