Solved: The old machine was sold for 4000 cash what amount should, Accounting Basics

The old machine was sold for 4000 cash what amount should

Question - On January 2, 2017, a company. replaced its a machine in their manufacturing plant. The following information was available on that date:

Purchase price $150,000

Carrying amount of old machine 10,000

Fair value of old machine 4,000

Installation cost of new machine 20,000

The old machine was sold for $4,000 cash. What amount should the company capitalize as the cost of the new machine? Show your calculations in detail.

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Accounting Basics: The old machine was sold for 4000 cash what amount should

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