Equipment was acquired for $210,000 and has accumulated depreciation of$93,000
The business exchanges this equipment for new equipment. The new equipment has a market value of $304,000 and the business pays $52,000 cash. Assume the exchange has commercial substance. The exchange results in ________.
A) loss $135,000
B) gain $187,000
C) gain $135,000
D) loss $187,000
C .Market value of assets received: $304,000
Less:
Book value of asset exchanged $117,000
Cash paid 52,000 169,000
Gain $135,000
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