the company would record equipment and a gain(loss) on exchange of assets in the amounts of a) $ 99,000 $ (16,000)
Assets:
A resource having economic worth that a person, business, or nation possesses or controls with the hope that it would someday be useful is referred to as an asset.
The balance sheet of a business lists assets.
They are acquired or produced in order to raise a company's value or improve the operations of the company.
An asset is anything that can increase sales, lower costs, or generate cash flow, whether it be a patent or manufacturing equipment.
The four categories of assets are financial, intangible, current, and fixed.
Home, land, financial investments, jewellery, works of art, gold, silver, and your bank account are examples of personal assets. Automobiles, structures, machinery, equipment, money, and accounts receivable are just a few examples of the types of assets that businesses may have.
Equipment (F.V of land + cash) = 99000
Loss (106000 - 90000) = 16000
Cash = 9000
Land = 106000
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