Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a fixed asset with a cost of $41,000 and accumulat

A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded...

70.2K

Verified Solution

Question

Accounting

A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar asset priced at $50,000 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $4,000,at what cost will the new equipment be recorded in the books? a. $45,000 b. $51,000 c. $54,000 d. $50,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned...

Finance
Q

A purchasing clerk at corporate headquarters checks the system for open requests. Based on the system’s...

Programming
Q

Paper should be about 10 double-spaced, type-written pages or the number of pages to fully explore...

General Management
Q

In the following population dynamic, the competitor species N? has a resource base that onlypartially...

Biology
Q

32 Capacity of parallel plate capacitor with a medium of dielectric constant 8 is 12...

Physics
Q

More Practice 3 2x 6 6 x 5 2 5 X 2x 1 15 6...

Geometry
Q

Spencer Company's inventory records for the most recent year contain the following data:...

Accounting
Q

ACCA - F6 task: Give 10 items of incomes in which 5 items are subject...

Accounting
Q

The pretax financial statement income for Wolpin Industries was $32million the year ended december 31,...

Accounting
Q

QUESTION 32 Clark Corp. prepares monthly bank reconciliations of its checking account balance....

Accounting
Q

How and why "Presentation & Communication" is so important to accountants & business professionals?

Accounting
Q

Why is book to market often thought of as poor valuation ratio (give three reasons)

Finance