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DochEvi [55]
2 years ago
5

Equipment was acquired for $210,000 and has accumulated depreciation of $93,000. The business exchanges this equipment for new e

quipment. The new equipment has a market value of $304,000 and the business pays $52,000 cash. Assume the exchange has commercial substance.
The exchange results in a:

(A) gain $187,000
(B) loss $187,000
(C) gain $135,000
(D) loss $135,000

Business
1 answer:
Alex787 [66]2 years ago
3 0

Answer:

(A) gain $187,000

Explanation:

Please see attachment .

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Dodge, Incorporated acquires 15% of Gates Corporation on January 1, 2011, for $105,000 when the book value of Gates was $600,000
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Answer:

a. $80,000

Explanation:

In this question we are only concerned about the net income reported by Dodge on its income statement.

First we need to calculate ownership % in 2012 = 15% + 25% = 40%

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5 0
3 years ago
Select the correct answer.
Helga [31]

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Answer:

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6 0
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