(16 points) Rogers Co. had a sheet metal cutter that cost $120,000 on January 5,2010....
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Accounting
points Rogers Co had a sheet metal cutter that cost $ on January This old cutter had an estimated life of ten years and a salvage value of $ On April the old cutter is exchanged for a new cutter with a fair value of $ The exchange lacked commercial substance. Rogers also received $ cash. Assume that the last fiscal period ended on December and that straightline depreciation is used.
Instructions
a Show the calculation of the amount of the gain or loss to be recognized by Rogers
b Prepare all entries that are necessary on April
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