Unformatted text preview: (original cost of $500,000 less accumulated depreciation of $400,000) and a fair value of $75,000. Red Rock Canyon paid American Laser Corporation $430,000 in cash. Make the journal entry to record this transaction on the books of Red Rock Canyon Company. The transaction has commercial substance....
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- Spring '11
- Depreciation, Generally Accepted Accounting Principles, Red Rock Canyon, Rock Canyon Company, Red Rock Canyon Company, American Laser Corporation