Calculation of amount of gain-loss recognized by lane, Accounting Basics

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Calculation of amount of gain-loss recognized by lane

Lane Co. has a machine that cost 255k on 3/20/07. Old mach. had 10yrs estimated life w/salvage val. of 15k. 12/23/11 old mach. is exchanged for new mach. w/market val. of 162k. Exchg lacked commercial substance. Lane also recd 18k cash. Assume last fiscal period ended 12/31/10 and straight line dep. is used.

1. Show calculation of amt of gain/loss recognized by Lane co from exchange.

2. Prepare entries necessary on 12/23/11 and show check of the amt recorded for new mach.

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Accounting Basics: Calculation of amount of gain-loss recognized by lane

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Accounting Basics: Calculation of amount of gain-loss recognized by lane

Reference No:- TGS096826

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculation of amount of gain-loss recognized by lane

Reference No:- TGS096826

Recent Questions Asked Accounting Basics

Q : Find probability that exactly 4 enjoy shopping online

Q : Convert requirements to a data flow diagram dfd

Q : Finding the dividends to the owners

Q : Budgeted direct labor costs problem

Q : Calculation of amount of gain-loss recognized by lane

Q : Determine the cost per pound of goody

Q : Higher earnings per share of common stock

Q : Interest revenue shown on the bank statement

Q : Break even point in dollars of sales

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