Accounting 

a.On January 1, 2019, Yang Ltd. sold a building that cost ¥25,000,000 and that had accumulated depreciation of ¥10,000,000 on the date of sale. Yang received as consideration a ¥24,000,000 non-interest-bearing note due on January 1, 2022. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2019, was 9%. At what amount should the gain from the sale of the building be reported?

Answer rating: 100% (QA)

Answer The amount of gain should be reported 35324035 Explanation Th... View the full answer