FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A machine cost $1197000, has annual depreciation of $197000, and has accumulated depreciation of 1960000 on December 31, 2017. On Apr 1. 2018, when the

image text in transcribed
A machine cost $1197000, has annual depreciation of $197000, and has accumulated depreciation of 1960000 on December 31, 2017. On Apr 1. 2018, when the machine has a fair value of $272000, it is exchanged for a machine with a far value of $1145000 and the proper amount of cash is paid. The exchange had commercial substance The gain to be recorded on the exchange is $148000 $0 $84250 $40000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Financial And Managerial Accounting

Authors: John J. Wild

9th Edition

1260728773, 9781260728774

More Books

Students also viewed these Accounting questions

Question

★★★★★
Alaskan Railroad is an independent, stand-alone railroad operation not connected to any other rail service in North America. As a result, rail shipments between Alaska and the rest of North America...

Answered: 1 week ago

Question

★★★★★
Use Google or Bing to search for the phrase what is a business analyst? Investigate several of the links that you find and answer the following questions: a. What are the primary job responsibilities...

Answered: 1 week ago

Question

★★★★★
A random variable X has range RX = {0, 1, 2,}, and suppose that Then the expected value of X equals (a) 13 (b) 3 (c) 32 (d)23 (e)12 P(X > k): k= 0,1,2,...

Answered: 1 week ago

Question

★★★★★
The city of Segovia is contemplating building a second airport to relieve congestion at the main airport and is considering two potential sites X and Y. Hard Rock Hotels would like to purchase land...

Answered: 1 week ago

Question

★★★★★
Q 6 : The following code declares and initializes three variables - firstName, lastName, and occupation - in the $ _ SESSION [ ] autoglobal: When a user clicks the Occupation link, the firstName,...

Answered: 1 week ago

Question

★★★★★
Assume the five-year lease in which ELC entered requires the same lease payments as the preceding operating lease. That is, Este Lauder agrees to pay $150,000 in year 1, $155,000 in year 2, $159,000...

Answered: 1 week ago

Question

★★★★★
Gordon Chemicals Company acquires a delivery truck at a cost of $40,300 on January 1, 2017. The truck is expected to have a salvage value of $4,100 at the end of its 4-year useful life. Assuming the...

Answered: 1 week ago

Question

★★★★★
Problem 1 (20 points). In a warehouse, it is required to locate a temporary storage area for 5 shelves operations that are located in the following coordinates (1, 4), (1, 8), (1, 12), (4, 4) and (4,...

Answered: 1 week ago

Question

★★★★★
Game Z Ltd has 3 sources of capitals - Common shares, Preferred shares and corporate bonds. The market value of its common shares is $50 per share while its Preferred shares are valued at $45 per...

Answered: 1 week ago

Question

★★★★★
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts...

Answered: 1 week ago

Question

★★★★★
48 Assume that the actual amount of one of a company's variable expenses was $45,198. The company's planned level of activity was 19,000 machine-hours, and its actual level of activity was 18,500...

Answered: 1 week ago

Question

★★★★★
According to corporate policy, the average age of trade receivables and trade payables should both be 10 days and 20 days, respectively. At 30th June 2022, the Exeter hotel had trade receivables of...

Answered: 1 week ago

Question

★★★★★
Do you regularly call your own toll-free lines to experience the service you offer on them?

Answered: 1 week ago

Question

★★★★★
What is the role of communication (Chapter 4) in leadership?

Answered: 1 week ago

Question

★★★★★
What in the case and/or video might lead you to support the claim that Indra Nooyi is a transformational leader?

Answered: 1 week ago

Previous Question Next Question