At what amount should the gain from the sale

Assignment Help Accounting Basics
Reference no: EM131768600

Question - On January 1, 2010, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 noninterest-bearing note due on January 1, 2013. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported?

Reference no: EM131768600

Questions Cloud

Problem analysis before coding : Chapter 1 describes the need for problem analysis before coding. What might happen if shortcuts are taken?
Should the court issue the subpoena : MultiBank is a large London bank with a branch office in Boston. The American government believes that a prominent American underworld figure.
How much did fishbone pay for the bonds : On January 1, 2010, Fishbone Corporation purchased 300 of the $1,000 face value, How much did Fishbone pay for the bonds
Prompt the user for an automobile service : Prompt the user for an automobile service. Output the user's input.
At what amount should the gain from the sale : The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported
Make the transfer locally without going banks : Q Bank, located in State A, has a branch in State B. X has State A currency on deposit in that branch. X directs the branch to transfer the funds to a branch.
Explain what is the argument within the field of geology : Explain what's the argument within the field of geology and are both perspectives being equally portrayed in the education system? Why or why not?
Compute the value of the franc plummets : You are an arbitrageur in London. Swiss francs are presently selling in London for U.S. $0.67. You anticipate that they will increase in value.
Based on the paragraph above : Based on the paragraph above, in a few sentences discuss the following:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd