Reference no: EM132487780
Point 1: A machine cost $300,000, has annual depreciation expense of $60,000, and has accumulated depreciation of $150,000 on December 31, 2017. On April 1, 2018, when the machine has a fairvalue of $120,000, it is exchanged for a similar machine with a fair value of $360,000 and theproper amount of cash is paid. The exchange lacked commercial substance.
Depreciation Expense ($60,000 × 3/12)..........................................15,000
Accumulated Depreciation-Machinery...............................15,000
Accumulated Depreciation-Machinery...........................................165,000
Machinery .......................................................................................360,000
Loss on Disposal of Machinery........................................................15,000
Machinery ...........................................................................300,000
Cash ($360,000 - $120,000) ..............................................240,000
Question 1: Explain the Loss on Disposal of Machinery and how the answer is $15000?
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