Question: There are a couple requirements for each case, Ive been trying to figure out a couple things that just havent seemed to work Case A.

There are a couple requirements for each case, Ive been trying to figure out a couple things that just havent seemed to work

Case A. Kapono Farms exchanged an old tractor for a newer model.

$31,000 less accumulated depreciation of $17,500) and a fair value of $9,300.

Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $13,500 (original cost of $31,000 less accumulated depreciation of $17,500) and a fair value of $9,300. Kapono paid $23,000 cash to complete the exchange. The exchange has commercial substance. Required: 1. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the Initial value of the new tractor? Assume the fair value of the old tractor is $17000 instead of $9,300. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor? 52 omplete this question by entering your answers in the tabs below Required 1 Required 2 tractor? What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new Initial value of new tractor Required 2>

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