Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2025 . wildhorse corporation sold a b

On January 1,2025 . Wildhorse Corporation sold a building that cost $251,750 and that had...

90.2K

Verified Solution

Question

Accounting

image
On January 1,2025 . Wildhorse Corporation sold a building that cost $251,750 and that had accumulated depreciation of $101,680 on the date of sale. Wildhorse received as consideration a $241,750 non-interest-bearing note due on January 1, 2028. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2025, was 9\%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581

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

Determine whether or not the three points form a right triangle. Use the Pythagorean theorem...

Algebra
Q

Find the value of x 130 89 69 X

Geometry
Q

1. There are three parts to this question. 2 moles of gaseous PCl5, are heated at...

Chemistry
Q

***For some practice on this assignment, you could visit your textbook’s online site and do one...

Accounting
Q

24 An equation is shown x 2x 10 B Which expression is a solution to...

Geometry
Q

Let f(x) =1/x-7 and g(x)=( 4/x)+7.Find the following functions. Simplify your answers.f(g(x)) =g(f(x)) =

Algebra
Q

2. Pick two companies within the same industry. One example would be Apple and Samsung....

Accounting
Q

Landmark Corp buys $410,000 of Schroeter Company's 8%, 5-year bonds payable,...

Accounting
Q

See below for reference To keep records of the actual cost of...

Accounting
Q

8. Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered...

Accounting
Q

A firm has $8,000,000 of 9.5% 25 year bonds dated May 1, 2015 with interest...

Accounting
Q

Problem 20-19 Put-call parity It is possible to buy three-month call options and three-month puts...

Finance