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Record exchange entry depreciation showing calculations

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On December 31, 2018 Karina Inc. exchanged an office building which it carried on the books at $1,500,000 ($5,000,000 cost), for an office building in a better location. Karina Inc.does not believe future cash flows will be substantially different after the exchange. The new building has a fair market value of $1,400,000 and the seller is also contributing $200,000. The new building will have a $100,000 residual and a 25-year life.

Question 1: Record exchange entry, depreciation showing calculations.

Reference no: EM132604231

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