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What amount is recognized in austin net income year

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Problem 1: Two years ago, Austin Corporation purchased equipment for $400,000. At the end of last year, the equipment had a fair value of $375,000. Assuming Austin uses the revaluation model, what amount, if any, is recognized in Austin's net income this year if the equipment fair value is $410,000?

A. $0.

B. $25,000.

C. $35,000.

Problem 2: Cash Company recently sold equipment and recognized a $1.4 million loss. The original cost of the equipment was $12 million and the accumulated depreciation on the date of sale was $8.4 million. What was the selling price of the equipment?

A. $2.2 million.

B. $3.6 million.

C. $5.0 million.

Reference no: EM132636976

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