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On December 31, 2021, Bedford Corp. sold a machine to Sheila Company and simultaneously leased it back for one year. Pertinent information at this date
On December 31, 2021, Bedford Corp. sold a machine to Sheila Company and simultaneously leased it back for one year. Pertinent information at this date follows: Sales price $806,000 Carrying amount 783,000 Present value of lease payments ($7,900 for 12 months at 12) 89,800 Machine's estimated remaining useful life 12 years In Bedford's December 31, 2021 income statement, the gain recognized from the sale of this machine should be: Multiple Choice 58,060. $23,000. ( 6294,600
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