Screenshot of problem 3 and 4 that's needs to be done.
.Ili Metro by TMobile 4:" 2:29 AM 1 Cf . ezto.mheducation.com [The following information applies to the questions displayed below. ] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $12,500 (original cost of $29,000 less accumulated depreciation of $16,500) and a fair value of $9,100. Kapono paid $21,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $505,000 and a fair value of $710,000. Kapono paid $51,000 cash to complete the exchange. The exchange has commercial substance. 4_ Award: 14.28 points 1. What is the amount of gain or loss that Kapono would recognize on the exchange of the land? 2. Assume the fair value ofthe farmland given is $404,000 instead of $710,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? 3. Assume the same facts as Requirement 1 and that the exchange lacked commercial substance. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the amount of gain or loss that Kapono would recognize on the exchange of the land? Initial value of new land | Required 2 > References Worksheet Difficulty: 3 Hard Learning Objective: 1006 Determine the initial cost of property, plant. and equipment and lntangible assets acquwed in exchange for other nonmonetary assets. r11 [1:] .II Metro by T-Mobile 4:" 2:28 AM 1 Q . [The following information applies to the questions displayed below] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $12,500 (original cost of $29,000 less accumulated depreciation of $16,500) and a fair value of $9,100. Kapono paid $21,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $505,000 and a fair value of $710,000. Kapono paid $51,000 cash to complete the exchange. The exchange has commercial substance. 3 _ Award: 14.28 points Required: 1.What is the amount of gain 0r loss that Kapono w0uld recognize on the exchange of the tractor? 2. Assume the fair value ofthe old tractor is $15,000 instead of $9,100. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the amount of gain or loss that Kapono would recognize on the exchange of the tractor? Initial value of new tractor _ References Worksheet Difficulty: 3 Hard Learning Objective. 10706 Determine the initial cost of property. plant. and equipment and intangible assets acquired in exchange for other nonmonetary assets, r11 [1:]
