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Determine the gain to be recognized from the exchange

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Q1. An overhaul made to a machine increased its fair market value and decreased the company's cost by 10%. The cost of the overhaul should be expensed.

debited to accumulated amortization.

capitalized in the machine account.

allocated between accumulated amortization and the machine account.

Q2. Equipment that cost $33,000 and has accumulated depreciation of $15,000 is exchanged for similar equipment with a fair value of $24,000. The old machine has a fair value of $19,000. In addition, $5,000 cash is paid for the new equipment. Assume NO commercial substance. Determine the gain to be recognized from the exchange?

a. $0 gain

b. $1,000 gain

c. $5,000 gain

d. $6,000 gain

Reference no: EM132799217

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