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Nash Co. had a sheet metal cutter that cost $120,000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value of $20,000. 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. Nash also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2014, and that sum-of-the-years digit depreciation method is used.
Instructions:
a. What amount of the gain or loss will be recognized by Nash Co.
b. Prepare all entries that are necessary on April 3, 2015.
VB Corporation has the following accounts at December 31, 2014: Common Stock, $10 par; 5,000 shares issued, $50,000; Paid-In Capital in Excess of Par -- Common Stock $30,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $11,000. Prepare..
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horizontal analysis trend analysis percentages for spartan companys sales cost of goods sold ad expenses are listed
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