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What amount must nayeon corporation report as gain

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Question 1: On January 2, 2020, Nayeon Corporation sold equipment with a carrying value of $480,000 in exchange for a $600,000 non-interest bearing note due on January 2, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type on January 2, 2020 was 10%. The present value of 1 at 10% for three periods is 0.75. What amount must Nayeon Corporation report as gain (loss) on sale of equipment in its income statement for 2020?

Reference no: EM132858845

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