Question: (a) | Your answer is incorrect. Try again. On January 1, 2017, Pharoah Corporation sold a building that cost $274,530 and that had accumulated depreciation

(a) | Your answer is incorrect. Try again. On January 1, 2017, Pharoah Corporation sold a building that cost $274,530 and that had accumulated depreciation of $105,600 on the date of sale. Pharoah received as consideration a $264,530 non-interest- bea ng note due on January 1, 2020. There was no established exchange price forthe building, and the note had no ready market. The prevailing rate of terest for a note of his type on January 1, 2017, was 9%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 125124 and final answer to O decimal places, e.g. 458,581.) The amount of gain should be reported
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