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What is the gain or loss on disposal as recognized

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Reference no: EM133172417

Question - Spring Inc. traded its used equipment that has a cost of $200,000, accumulated depreciation of $120,000, and a fair value of $100,000 for another used equipment. The acquired equipment has a net book value and fair value of $88,000 and $130,000, respectively. Spring Inc. also paid $10,000 cash in the transaction. What is the gain/(loss) on disposal as recognized in the Spring Inc.'s income statement? Spring Inc. follows IFRS and assumes that the transaction has commercial substance.

Reference no: EM133172417

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