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Show a check of the amount recorded for the new machine

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Question - Nonmonetary exchange has a machine that cost $850.000 on March 20, 2014. This old machine had an estimated life of ten years and a salvage value the old machine is exchanged for a new machine with a fair value of 540,000. The exchange lacked commercial substance. Lay Assume that the last fiscal period ended on December 31, 2017and straight-line depreciation is used. The calculation of the amount of gain or loss to be recognized by Layne from the exchange. Are all entries that are necessary on December 23, 2015. Show a check of the amount recorded for the new machine.

Reference no: EM133085241

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