Question
Accounting a.On January 1, 2019, Yang Ltd. sold a building that cost 25,000,000 and that had accumulated depreciation of 10,000,000 on the date of sale.
Accounting
a.On January 1, 2019, Yang Ltd. sold a building that cost ¥25,000,000 and that had accumulated depreciation of ¥10,000,000 on the date of sale. Yang received as consideration a ¥24,000,000 non-interest-bearing note due on January 1, 2022. 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, 2019, was 9%. At what amount should the gain from the sale of the building be reported?
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Answer The amount of gain should be reported 35324035 Explanation Th...
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
