A machine cost $1224000, has annual depreciation of $204000, and has accumulated depreciation of $969000...
50.1K
Verified Solution
Link Copied!
Question
Accounting
A machine cost $1224000, has annual depreciation of $204000, and has accumulated depreciation of $969000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $280500, it is exchanged for a machine with a fair value of $1377000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.