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QUESTION
a machine cost $80,000, has annual depreciation expense of $16,000, and has accumulated depreciation of 40,000 on December 31.
a machine cost $80,000, has annual depreciation expense of $16,000, and has accumulated depreciation of 40,000 on December 31. On April 1,2011 when the machine was fair value of 32,000, it is exchanged for a similar machine with a fair value of 96,000 and the proper aount of cash is paid.The exchanfe lacked commercial substance. Prepare all entries at 4/1/2010.
