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How much cash did sutherland receive from the sale

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Question: 1. Durler Company traded machinery with a book value of €280,000 and a fair value of €300,000. It received in exchange from Hoyle Company a machine with a fair value of €270,000 and cash of €30,000. Hoyle's machine has a book value of €285,000. What amount of gain should Durler recognize on the exchange?

2. Sutherland Company purchased machinery for €320,000 on January 1, 2015. Straight-line depreciation has been recorded based on a €20,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2019 at a gain of €6,000. How much cash did Sutherland receive from the sale of the machinery?

Reference no: EM132757323

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