Question
Lawson Company purchased equipment, on 1/1/2012. The cost was $90,000, with 10 years Useful life, and NO salvage value. On 1/1/2018, fthe company exchanged its
Lawson Company purchased equipment, on 1/1/2012. The cost was $90,000, with 10 years Useful life, and NO salvage value. On 1/1/2018, fthe company exchanged its old equipment for new equipment. Lawson paid $36.000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance, and the company Uses SLM method for depreciation. Required: Calculate the gain the company recorded on this transaction? Note: write your answer as a number only, with no commas or dollar signs. If your answer is $1,500, write it as 1500 ).
Lawson Company purchased equipment, on 1/1/2012. The cost was $90,000, with 10 years useful life, and NO salvage value. On 1/1/2018, the company exchanged its old equipment for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance, and the company uses SLM method for depreciation. Required: Calculate the gain the company recorded on this transaction? ( Note: write your answer as a number only, with no commas or dollar signs. If your answer is $1,500 , write it as 1500 )
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The Social Work Ethics Audit A Risk Management Tool
Authors: Frederic G. Reamer
1st Edition
0871013282, 978-0871013286
