A company purchased a machine valued at $66,000.It traded in an old machine for a $9,000 trade-in allowance and the company paid $57,000 cash with the trade-in.The old machine cost $44,000 and had accumulated depreciation of $36,000.This transaction has commercial substance.What is the recorded value of the new machine?
A) $ 8,000.
B) $ 9,000.
C) $57,000.
D) $65,000.
E) $66,000.
Correct Answer:
Verified
Q117: Marble Company purchased a machine costing $120,000,
Q125: Cambria owns equipment that cost $93,500 with
Q127: Cambria owns equipment that cost $93,500 with
Q127: Carmel Company acquires a mineral deposit at
Q128: What is depreciation of plant assets?
What
Q134: Monte Ray leases office space for $7,000
Q134: A company bought a new display case
Q135: Monte Ray leases office space for $7,000
Q136: Salta Company installs a manufacturing machine in
Q165: Define plant assets and identify the four
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents