(a) On January 1, 2020, Flounder Corporation sold a building that cost $257,510 and that had accumulated depreciation of $102,150 on the date of sale. Flounder received as consideration a $247,510 non-interest-bearing note due on January 1, 2023. 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, 2020, was 11%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places)

The amount of gain should be reported $____________

(b) On January 1, 2020, Flounder Corporation purchased 325 of the $1,000 face value, 11%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2030, and pay interest annually beginning January 1, 2021. Flounder purchased the bonds to yield 11%. How much did Flounder pay for the bonds? (Round factor values to 5 decimal places)

The amount of gain should be reported $____________

(c) Flounder Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,800 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 8% applies to this contract, how much should Flounder record as the cost of the machine? (Round factor values to 5 decimal places)

The amount of gain should be reported $____________

(d) Flounder Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated that Flounder should pay $21,960 at the time of purchase and $5,430 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2020, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places)

The amount of gain should be reported $____________

(e) Flounder Corporation wants to withdraw $126,920 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%? (Round factor values to 5 decimal places)

The amount of gain should be reported $____________