A machine cost $1,200,000, has annual depreciation of $200,000, and has accumulated depreciation of $950,000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $275,000, it is exchanged for a machine with a fair value of $1,350,000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at:
a. $0. b. $25,000c. $50,000d. $150,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A machine cost $1,200,000, has annual depreciation of $200,000, and has accumulated depreciation of $950,000 on December 31, 2020. On April ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which statement describes an opportunity cost that could result from the government regulating businesses? A) Less recalls occur as a result of government regulations. B) Government regulations can lead to an increase in product safety.
Answers (2)
A company ages its accounts receivables to determine its end of period adjustment for bad debts. at the end of the current year, management estimated that $26,250 of the accounts receivable balance would be uncollectible.
Answers (1)
The three basic types of securities corporations issue to raise long-term financial capital
Answers (1)
On January 1, 2018, David Mest Communications granted restricted stock units (RSUs) representing 25 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years.
Answers (1)
August is a senior at a very expensive private high school. his father is a successful stock broker and his mother is a partner in a manhattan law firm.
Answers (1)
New Questions in Business
Increases to owner's equity may be from expenses that are incurred. expenses exceeding revenue for the period. withdrawals of cash from the business by the owner. revenue that is derived from sales of goods or services
Answers (1)
Now consider a strangle using the same call with a strike price of $100 and a different put with a strike price of $95. Both have the same expiration date.
Answers (1)
Mullineaux Corporation has a target capital structure of 70 percent common stock and 30 percent debt. Its costs of equity is 15 percent, and the cost of debt is 8 Percent. The relevant tax rate is 35 percent.
Answers (1)
That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n) a. balance sheet b. trial balance c. chart of accounts d. income statement
Answers (1)
Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case.
Answers (1)