Callie Casey

Business

4 August, 20:52

On january 1, 2017, fishbone corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. fishbone received as consideration a $240,000 non-interest-bearing note due on january 1, 2020. there was no established exchange price for the building, and the note had no ready market. the prevailing rate of interest for a note of this type on january 1, 2017, was 9%. at what amount should the gain from the sale of the building be reported? (round factor values to 5 decimal places,

e. g. 1.25124 and final answer to 0 decimal places,

e. g. 458,581.)