On December 31,2015 , Heritage C0. traded equipment with an original cost of $200,000 and...
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On December 31,2015 , Heritage C0. traded equipment with an original cost of $200,000 and accumulated depreciation of $30,000 for a new piece of equipment with a fair value of $160,000. In addition, Heritage Co. received $40,000 cash. Assume the exchange has commercial substance. What should Heritage Co. record as the cost of the new asset? Select one: a. $166,000 b. $176,000 c. $136,000 d. $130,000 e. $160,000 Maghielse Company incurred the following expenses during the year ended 12/31/14 Legat work in connection with patent appicatons 515,000 Depreciation on research equipment $120,000 Seasconal dosign changes to exiating products $12,000 Conceptual formulation of product affernatives $50,000 Engineening fallow through in an early phase of commercia/ production $10,000 The total amount to be expensed as Research and Development is Select one: a. $170,000 b. $150,000 c. $120,000 d. $185,000 e. $135,000
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