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iragen [17]
4 years ago
6

Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $62,000 and the fair mar

ket value of the new machine is $70,000. The recognized gain or loss and the basis of the new machine is:
A. $0 and $0
B. $0 and $62,000
C. $0 and $70,000
D. $8,000 and $70,000
E. none of the above
Business
1 answer:
Sphinxa [80]4 years ago
8 0

Answer:

D. $8,000 and $70,000

Explanation:

Data provided as per the question:-

Old machine = $62,000

New machine = $70,000

The computation of recognized gain or loss is shown below:-

Realized gain = New machine - Old machine

= $70,000 - $62,000

= $8,000

Therefore, for computing the realized gain we simply deduct old machine from new machine the fair base value is $70,000, so it has been recorded.

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Explanation:

The total amount available in two years can be calculated as follows:

Total amount in the deposit now = Current deposit + Amount planned to be deposited = $650,000 + $200,000 = $850,000

Future value of the total amount the deposit now = Total amount in the deposit now * (1 + Annual interest rate)^Number of years the deposit used = $850,000 + (1 + 15%)^2 = $1,124,125

Future value of next year's deposit = Next year's deposit * (1 + Annual interest rate)^Number of years the deposit used = $200,000 * (1 + 15%)^1 = $230,000

Total amount available in two years = Future value of the total amount the deposit now + Future value of next year's deposit = $1,124,125 + $230,000 = $1,354,125

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