Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record a. a $3,000 loss b. the truck at $18,000 c. a gain of $11,000 d. the truck at $23,000
Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record a. a $3,000 loss b. the truck at $18,000 c. a gain of $11,000 d. the truck at $23,000
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 14PB: Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia...
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Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75%
depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record
a. a $3,000 loss
b. the truck at $18,000
c. a gain of $11,000
d. the truck at $23,000
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