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    bobburgers's Avatar
    bobburgers Posts: 1, Reputation: 1
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    #1

    Apr 4, 2011, 09:15 PM
    Calculating gain
    On January 1, 2010, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 noninterest-bearing note due on January 1, 2013. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 5, 2011, 03:51 AM

    Please review the guidelines on asking for help with homework that can be found here:



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