Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $300,000 and accumulated depreciation of $120,000. The new sailboat had an invoice price of $326,000. Hunter received a trade in allowance of $192,000 on the old sailboat, which meant the company paid $134,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what amount of gain or loss should be recorded on this exchange
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $300,000 and accumulated depreciation of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The ABC partnership had net income of $100,000 for 20X9. They allocate profits and losses in the ratio 5:3:2. After closing the 12/31/20X9 books they discovered that $30,000 was spent on a piece of land in December 20X9 and was expensed.
Answers (1)
Tabby Tolman is a project coordinator at Tristar Solutions. Whenever a new project comes her way, she holds a project meeting and follows it up with repeated meetings to address any concerns the team members may have and to monitor their progress.
Answers (2)
When is a bond's par value generally repaid?
Answers (1)
Seth invested $44,000 in Series EE savings bonds on April 1. By December 31, the published redemption value of the bonds had increased to $45,420.
Answers (2)
A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, 2008. It has an estimated useful life of 5 years.
Answers (1)
New Questions in Business
The following information pertains to Oro Corp.: Credit sales for the year ended December 31 $450,000 Credit balance in allowance for uncollectible accounts at January 1 10,800 Bad debts written off during the year 18,000 According to past
Answers (1)
A factory has added a new incentive program to encourage employees to use payroll deductions to contribute to their 401K retirement account. The company will now contribute funds based on the employee deduction amount.
Answers (1)
An electronics firm sells four models of stereo receivers, three amplifiers, and six speaker brands. When the three types of components are sold together, they form a "system." How many different systems can the electronics firm offer?
Answers (1)
Which of the following would shift the supply curve for smartphones to the right? A) an increase in the price of a substitute in production B) an increase in consumer income (assuming that all smartphones are normal goods) C) a decrease in the
Answers (1)
At the date of the financial statements, common stock shares issued would exceed common stock shares outstanding as a result of thea. declaration of a stock split. b. declaration of a stock dividend. c. purchase of treasury stock. d.
Answers (1)