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A machine owned by Chiellini has an original cost of $450,000, has annual depreciation of...

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Accounting

A machine owned by Chiellini has an original cost of $450,000, has annual depreciation of $30,000, and has accumulated depreciation of $180,000 on December 31, 2020. On May 1, 2021, it is exchanged for a machine with a fair value of $245,000. Chiellini paid $10,000 in the exchange. The exchange lacked commercial substance. The new machine should be recorded at:

Multiple Choice

  • $245,000

  • $270,000

  • $220,000

  • $260,000

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