Green enterprises exchanged a used crane with an original

Reference no: EM13577688

1.Green Enterprises exchanged a used crane with an original cost of $200,000 and accumulated depreciation of $140,000 for a truck with a fair market value of $100,000. Green also paid cash of $25,000. What amount of gain should Green report on this transaction?
A. $0
B. $15,000
C. $40,000
D. $100,000

2. Red Enterprises owns some equipment with an original cost of $84,700 and accumulated depreciation of $41,650. If the equipment is sold for $9,500 in cash plus a 9-month $30,000 note receivable with a stated 12% interest rate, the gain or loss recognized on the sale would be:
A. $3,550 loss
B. $3,550 gain
C. $2,150 loss
D. $2,150 gain

Reference no: EM13577688

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