What is the amount of gain recognized the time of trade

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Nemo, Inc. traded manufacturing equipment that had cost of $600,000 and had been owned by nemo for 8 years to incredible, Inc. for new equipment with a fair value of $240,000. Incredible also paid Nemo $60,000 on trade. The equipment traded by Nemo had been depreciated using the striaghtline method and a residual value of $6,250 and a 10- year ife. The exchange locked commercial substance.

Question 1: What is the amount of gain or loss recognized the time of trade by Nemo? (for a loss place negative sign next to the answer)

Reference no: EM132580294

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