SC has an old asset that originally cost $225,000 (accumulated amortization, $114,000). Its current market value...
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SC has an old asset that originally cost $225,000 (accumulated amortization, $114,000). Its current market value is $114,001. SC purchased another asset by paying cash $13,500 and trading in the old asset. The new asset had a list price of $150,000 and a cash price of $135,000. The assets are similar. SC should record the cost of the new machine at: A) $124,500. B) $121,500. D) $135,000. C) $163,500. SC has an old asset that originally cost $225,000 (accumulated amortization, $114,000). Its current market value is $114,001. SC purchased another asset by paying cash $13,500 and trading in the old asset. The new asset had a list price of $150,000 and a cash price of $135,000. The assets are similar. SC should record the cost of the new machine at: A) $124,500. B) $121,500. D) $135,000. C) $163,500.
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Answer A 124500 Explanation Cost Accumulated Amortization Book va... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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