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What is the cost recorded for the new equipment

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Question - Intelligent Corporation recently acquired new semiconductor assembly equipment to be used in its production process. Intelligent Corporation traded in old semiconductor equipment that had an original cost of $300,000 and accumulated depreciation on the date of the exchange of $225,000. The fair value of the old equipment is $85,000. In addition, Intelligent Corporation signed a promissory note to pay $200,000 in three years plus interest at a market interest rate of 6%.

What is the cost recorded for the new equipment?

What is the gain/(loss) on disposal of the old equipment?

Reference no: EM132074210

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