Reference no: EM132794776
Problem 1: On January 2, 2017, Hannah Company sold a machine for $1,000 that it had used for several years. The machine cost $12,000 and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine?
a. Loss of $2,000
b. Loss of $11,000
c. Gain of $3,000
d. Gain of $2,000
Problem 2: A building with an appraisal value of $250,000 is made available at an offer price of $180,000. The purchaser acquires the property for $35,000 in cash, a 90-day note payable for $65,000, and a mortgage amounting to $63,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is
a. $180,000.
b. $163,000.
c. $100,000.
d. $250,000.
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