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Calculate the amount of gain or loss to be recognized

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Reference no: EM132035923

Question - Green Co. had a chainsaw that cost $120,000 on January 5 2010. This old chainsaw had an estimated life of ten years and salvage value of $20,000. On April 3, 2015, the old chainsaw with a fair value of $60,000 is exchanged for a new chainsaw. The exchange lacked commercial substance. Assume that the last fiscal period ended on December 31, 2014, and that straight-line depreciation is used.

1) Calculate the amount of gain or loss to be recognized by Green Co.

2) Prepare all entries that are necessary on April 3, 2015.

Reference no: EM132035923

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