In December XXXX Belmont Company exchanged an old bottling machine, which cost $60,000 and was...
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Accounting
In December XXXX Belmont Company exchanged an old bottling machine, which cost $60,000 and was two thirds depreciated, for a similar used machine having current fair value of $24,000 and received cash difference of $8,000. What is the amount of gain that Belmont should recognize on this exchange in the year ended December 31, XXXX?
a. $0 b. $3,000 c. 5,000 d. 8,000
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