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How much was the gain or loss on the exchange for Starfish

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Reference no: EM132789211

Question - Starfish Company had acquired some machinery for $20,000 back in 2018. On March 1, 2020, when the machine had a net book value of $13,000, Starfish exchanged the machine for a more efficient machine owned by Rebhorn Company. The new machine had a list price of $29,000. A trade-in allowance of $8,000 was agreed upon between both companies. The fair value of the old machine was $4,000. How much was the gain or loss on the exchange for Starfish?

a. $9,000 loss

b. $13,000 gain

c. $9,000 gain

d. $13,000 loss

e. None of the above

Reference no: EM132789211

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