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Ksivusya [100]
3 years ago
9

A fixed asset with a cost of $22,535 and accumulated depreciation of $20,282 is traded for a similar asset priced at $60,652. As

suming a trade-in allowance of $5,605, the cost basis of the new asset in a transaction with commercial substance is
a. $60,652
b. $3,352
c. $16,930
d. $5,605
Business
1 answer:
frez [133]3 years ago
6 0

Answer:

a. $60,652

Explanation:

Gain of exchange of similar fixed assets cannot be recognized until new asset's cost is adjusted which will reflect the gain.

Book value = Cost - Accumulated depreciation = $22,535 - $20,282 = $2,253

Gain = Trade in Allowance - Book value = $5,605 - $2,253  = $3,352

Cost of new asset = Price of new asset - unrealized gain =  $60,652 - $3,352 = $57,300

$60,652 basis used with commercial substance

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