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Gain recorded on the exchange

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Question: A machine cost $1206000, has annual depreciation of $197000, and has accumulated depreciation of $948000 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $271000, it is exchanged for a machine with a fair value of $1351000 and the proper amount of cash is paid. The exchange had commercial substance.

The gain to be recorded on the exchange is

A $145000

B $0

C $62250

D $61000

Reference no: EM131740852

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