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6-1 On January 1, 2017, Splish Corporation sold a building that cost $251, 060 and that had accumulated depreciation of $109, 510 on the date
6-1
On January 1, 2017, Splish Corporation sold a building that cost $251, 060 and that had accumulated depreciation of $109, 510 on the date of sale. Splish received as consideration a $241, 060 non-interest-bearing note due on January 1, 2020. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2017, was 9%. At what amount should the gain from the sale of the building be reportedStep by Step Solution
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