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Prepare all entries that are necessary on april

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Question - Rogers Co. had a sheet metal cutter that cost $108,000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value of $18,000. On April 3, 2015, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Rogers also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2014, and that straight-line depreciation is used.

Calculate the gain or loss to be recognized by Rogers Co.

Prepare all entries that are necessary on April 3, 2015.

Reference no: EM132007146

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