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ICE Princess25 [194]
3 years ago
9

Hardin Company received $120,000 in cash and a used computer with a fair value of $360,000 from Page Corporation for Hardin Comp

any's existing computer having a fair value of $480,000 and an undepreciated cost of $450,000 recorded on its books. The transaction has no commercial substance. How much gain should Hardin recognize on this exchange, and at what amount should the acquired computer be recorded, respectively?
Business
1 answer:
san4es73 [151]3 years ago
3 0

Answer:

$30,000 and $360,000

Explanation:

The computation of the gain on the exchange is shown below:

= Cash received + fair value of the computer  -  undepreciated cost of existing computer

= $120,000 + $360,000 - $450,000

= $30,000

The amount of the computer which is recorded will equal to the fair value of the computer i.e $360,000

For computing the gain we simply added the fair value and deduct the undepreciated cost of an existing computer in the cash received amount so that the accurate amount can come.  

All other information which is given is not relevant. Hence, ignored it

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3 years ago
What journal should a company uses to capture cash transactions?
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The Smiths are buying a house for $200,000. After their 10% down payment, they have also decided to pay two discount points. Wha
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<h3>Discount:</h3>

First step is to calculate the down payment

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Answer:

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Explanation:

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