What amount should gain from the sale of building be report

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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

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