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please answer both will upvote 1 pts Question 1 Desert Company is trading a machine which has an original cost of $60,554 and accumulated depreciation
please answer both will upvote
1 pts Question 1 Desert Company is trading a machine which has an original cost of $60,554 and accumulated depreciation of $35,540 for a machine with a fair value of $28,635. Desert also paid $5,000 The exchange has commercial substance. What is the amount of gain or loss on the exchange Desert will report on its income statement? *round your answer to the nearest $1 **If gain, make it a positive number: 1000. If loss, make it a negative number: -1000. Question 2 1 pts Desert Company is trading a machine which has an original cost of $60,768 and accumulated depreciation of $35,777 for a machine with a fair value of $28,530. Desert also paid $5,000 The exchange has commercial substance. What is the original cost of the NEW machine as reported on Desert's balance sheet? *round your answer to the nearest $1 Step by Step Solution
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