Question: Question : How much should GRAPES report as gain or loss on sale of equipment in its 2020 income statement? Note: Please show the solution

Question: How much should GRAPES report as gain or loss on sale of equipment in its 2020 income statement?

Note: Please show the solution step by step and must be in a good accounting form.

9. On January 2. 2020, GRAPES Company sold equipment with a carrying amount of #480,000 in exchange for a 96:00.000 non-interest bearing note due Jan 2, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, 2020 was 10%. The present value of 1 at 10% for three periods is 0.?5. HOW much should GRAPES report as gain(loss) on sale of equipment in its 2020 income statement? (If loss. put a negative sign before the numerical answer) * Your answer 'I point

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