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Robards Services exchanged an asset with a cost of $24, 000 (now 40% depreciated) for a nonmonetary asset worth $12, 000.Robards received $2, 000 boot.In the entry to record this exchange, Robards should record
Residents of Enemy Country
Individuals living in a nation that is currently in a state of conflict or war with another country, which could affect their legal status and rights under international law.
Not Detrimental
Describing actions, conditions, or decisions that do not cause harm or negative impact.
Statute Of Frauds
A legal principle that requires certain types of contracts to be in writing and signed by all parties involved to be enforceable.
Agreement Requirement
The necessity for all parties involved to mutually consent and understand the terms for an arrangement or contract to be valid.
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