Question
A machine cost $1536000, has annual depreciation of $256000, and has accumulated depreciation of $1216000 on December 31, 2020. On April 1, 2021, when the
A machine cost $1536000, has annual depreciation of $256000, and has accumulated depreciation of $1216000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $352000, it is exchanged for a machine with a fair value of $1728000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at
| A. $1376000. |
| B. | $1728000. |
| C. | $1568000. |
| D. | $1696000. |
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Principles Of Islamic Accounting
Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim
1st Edition
1119023297, 9781119023296
