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On january 1 2012 fishbone corporation sold a building that

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On January 1, 2012, Fishbone Corporation sold a building that cost $272,200 and that had accumulated depreciation of $102,100 on the date of sale. Fishbone received as consideration a $261,500 non-interest-bearing note due on January 1, 2015. 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, 2012, was 10%. At what amount should the gain from the sale of the building be reported?

Reference no: EM13578474

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