P6.1 (1.0 2, 4) Groupwork (Various Time Value Situations) Answer each of these unrelated questions a. On January 1, 2020, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 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 9%. At what amount should the gain from the sale of the building be reported? b. On January 1, 2020, Fishbone Corporation purchased 300 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2030, and pay interest annually beginning January 1, 2021. Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds? e. Fishbone Corporation bought a new macline and agreed to pay for it in equal annual installments of $4.000 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 Fishbone record as the cost of the machine? mar 2020. The purchase agreement stimulated that Fishbone should mY 20.000 at