Business, 16.04.2020 02:07 cristalybarrientos15

A machine cost $360,000, has annual depreciation of $60,000 and has accumulated depreciation of $270,000 on December 31, 2012. On April 1, 2013 when the machine has a fair value of $82,500 it is exchanged for a machine with a fair value of $405,000 and the proper amount of cash is paid. The exchange lacked commercial substance.
The new machine should be recorded at
A. 322,500
B. 367,500
C. 397,500
D. 405,000

The gain to be recorded on thee exchange is
A. $7,500 loss
B. 0
C. 15,000 gain
D. 45,000 gain

Answers: 2

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A machine cost $360,000, has annual depreciation of $60,000 and has accumulated depreciation of $270...

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