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6. Frederic's Designs Ltd. purchased a $ 250,000 Lexus for Frederic Vanguard's personal use. The Lexus replaced the only other existing company car, a $
6. Frederic's Designs Ltd. purchased a $ 250,000 Lexus for Frederic Vanguard's personal use. The Lexus replaced the only other existing company car, a $ 150,000 BMW, which was purchased in 2017. The BMW, which was sold for $ 100,000, was used solely by Frederic Vanguard. The BMW was never amortized by Frederic's Designs Ltd. Frederic's Designs Ltd. reported the above transactions as follows: Lexus 250,000 Cash 250,000 Cash 100,000 Loss on Sale of BMW 50,000 BMW 150,000
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