This video explains how to account for exchanges of nonmonetary assets (such as one company swapping trucks with another company). The general rule is to record the asset received at its fair market value and book any gain or loss, unless one of three exceptions applies. The example presented in this video shows the accounting treatment for both firms in the situation where fair market value is used and a gain is recorded.
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Thanks for the video Michael. I believe there is one small adjustment here. The rule is to record the asset received at the fair market value of the asset surrendered, unless the fair value of the asset received is more clearly determinable (ASC 845-10-30-1). In your illustration, they were both $4,250 so it did not make a difference. Would you agree? Thanks!
Explaining these concepts in such simple terms is an invaluable skill, bravo !
this channel is truly a lifesaver! I've watched your tutorials since I started taking accounting classes last year and I've gotten A's in the 3/4 classes I've taken so far! Hopefully I'll have 4/4 A's when I take my intermediate exam this Wednesday. Thank you so much, and greetings from CT!
Excellent video
Very helpful. Studying for FAR, this was easy to follow and understand. I'll be back to see more. Thank you!
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Thank you! Your videos are so helpful!
Is it a little odd, both sides of the exchange have a gain? Or did I miss something?
these videos are great. Im going to subscribe.
thank you!
Thanks for the video. I do not however understand how did you figure out $2000 to be the book value of food for Bonnie? because I do not see it mentioned in the question.