What amount should gain from the sale of building be report

Assignment Help Accounting Basics
Reference no: EM132465663

On January 1, 2020, Bonita Corporation sold a building that cost $254,240 and that had accumulated depreciation of $105,020 on the date of sale. Bonita received as consideration a $244,240 non-interest-bearing note due on January 1, 2023. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2020, was 9%.

Question problem 1: At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Reference no: EM132465663

Questions Cloud

What is double entry accounting : What is double entry accounting for Owner paid $5,000 for land, Owner collected $8,000 cash for future services ,Owner paid $8,000 cash on account the problems?
Describe your overall reaction after viewing pieces : Visit a museum or art gallery before the end of Week 9. If you are unable to get to a museum or gallery within your area, then a "create your own museum".
Calculate the npv of eggz inc : Eggz, Inc., is considering the purchase of new equipment that will allow the company to collect loose hen feathers for sale
Decide between two different conveyor belt systems : Hagar Industrial Systems Company (HISC) is trying to decide between two different conveyor belt systems. System A costs $360,000, has a 4-year life
What amount should gain from the sale of building be report : At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal)
Who is more likely to go to the game : If both you and Ted are rational, is one of you more likely to attend the game than the other?
What might influence your decisions about taste and fashion : Imagine you are one of Thomas Chippendale's customers in the eighteenth century. Who or what might influence your decisions about taste and fashion?
MAN127 Business Skills for Leadership Assignment : MAN127 Business Skills for Leadership (Sept Intake) Assignment Help and Solution, Solent University - Assessment Writing Service
Pick two pounds of coffee beans : Tom can pick two pounds of coffee beans in an hour or gather four pounds of nuts. Each works six hours a day.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd