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Prepare the entries that are necessary on April

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Reference no: EM132724769

Question - Rogers Co. had a sheet metal cutter that cost $240,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $40,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $120,000. The exchange lacked commercial substance. Rogers also received $30,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used.

Instructions -

(a) Show the calculation of the amount of the gain or loss to be recognized by Rogers Co.

(b) Prepare the entries that are necessary on April 3, 2021. Show a check of the amount recorded for the new cutter.

Reference no: EM132724769

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