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What should be the loss recognized from the sale of machine

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Question: 1) "Vaughn Manufacturing purchased a new machine on May 1, Year 9 for $550800. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $30000. The company has recorded monthly depreciation using the straight-line method. On March 1, Year 18, the machine was sold for $82200. What should be the loss recognized from the sale of the machine?"

2) 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)?

Reference no: EM132748931

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