A company exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment Cash An asset has a depreciable base of $16.5 million and a service life of 10 years. What would the accum Book Value Fair Value Received the sum-of-the-years'-digits method? e at the end of year five under $ 60,000 $ 56,000 $ 10,000 The company would record a gain(loss) of: Multiple Choice Multiple Choice $4.5 million O $4,000 . $8.25 milion $12 million ($4,000). None of the other answer choices are correct. ($10,000). O None of the other answer choices are correct. A company purchased farm equipment on January 1, 2022, for $280,000. In 2022 and 2023, the company depreciated the asset on a straight-line basis A company exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. with an estimated service life of five years and a $90,000 residual value. In 2024, due to "ohcall plans to use the equipment for the full five years. What is the amount of depreciation that the company should record for the year Old Equipment Cash 2024 on this equipment? Book Value Fair Value Received $ 75,000 $ 80,000 $ 12, 000 The company would record the new equipment at: Multiple Choice Multiple Choice $28,000 O $68,000 . $58,000 O $80,000 . $52,000 O $63, 750 $50,000 $67,250. A company has the following information regarding its assets: A company purchased equipment on January 1, 2022, for $900,000, estimating a five-year service life and $100,000 residual value. In 2022 and 2023, Estimated the company depreciated the asset using the double-declining-balance method. In 2024, the company changed to straight-line depreciation for this Book Value Cash Flows Fair Value Equipment $ 35,000 $ 30,000 S equipment. What depreciation would the company record for the year 2024 on this equipment? $ 28,000 Building $ 68,000 $ 70, 000. $ 65,000 Patent $ 30,000 $ 34,000 $ 32,000 Multiple Choice What amount of loss should be reported due to asset impairments? Multiple Choice O $160,000 $7,000 O $92,333 O $108,000 $8,000 $74,667 $10,000 $9,000