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What amount of gain or loss should bonita recognize

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Reference no: EM132687074

Problem 1: Bonita Industries traded machinery with a book value of $788400 and a fair value of $730000. It received in exchange from Sandhill Co. a machine with a fair value of $789000. Bonita also paid cash of $78900 in the exchange. Sandhill s machine has a book value of $788400. What amount of gain or loss should Bonita recognize on the exchange (assuming lack of commercial substance)?

Option 1: $ -0-

Option 2: $5840 loss

Option 3: $58400 loss

Option 4: $78900 gain

Reference no: EM132687074

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