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Sigma Corporation exchanged an asset with a book value of $10,000 and paid $1,000 in cash for a another asset from Phi Corporation with a book value of $10,300. The fair value of the given asset was $9,500 and the acquired asset was $10,500. find out the cost to be used to record the new asset for Sigma.

a) $11,000

b) $8,500

c) $9,500

d) $10,500

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947772

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