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TRANSCEND EXCEED Co. traded in an old machine for a new model.
Pertinent data are as follows:
Old equipment:
Cost 200,000
Accumulated depreciation 80,000
Average published retail value 24,000
New equipment:
List price 380,000
Cash price without trade in 280,000
Cash price with trade in 220,000
Problem 1: How much is the initial cost of the equipment received by TRANSCEND Co.?
a. 244,000
b. 280,000
c. 320,000
d. 184,000
Problem 2: How much is gain (loss) on exchange recognized by TRANSCEND Co.?
a. 60,000
b. 160,000
c. (60,000)
d. 0
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