Question
On January 1, 2020, Bridgeport Corporation sold a building that cost $ 274,530 and that had accumulated depreciation of $105,600 on the date of sale.
On January 1, 2020, Bridgeport Corporation sold a building that cost $ 274,530 and that had accumulated depreciation of $105,600 on the date of sale. Bridgeport received as consideration a $ 264,530 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 15%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
The amount of gain should be reported | $ enter a dollar amount of gain should be reported |
What is the amount of the payments that John Winslow must make at the end of each of 8 years to accumulate a fund of $91,600 by the end of the 8th year, if the fund earns 8% interest, compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Payment at the end of each year | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started