Sansoni Services exchanged an asset with cost of $20,000 (now 30% depreciated) for a similar asset worth $18,000. Sansoni received $2,000 boot. In the entry to record this exchange, Sansoni should record a. A $6,000 gain b. A $600 gain c. No gain or loss d. A $600 loss

OCD exchanged old realty for new like-kind realty. OCD’s adjusted basis in the old realty was $31,700 ($60,000 initial cost − $28,300 accumulated depreciation), and its FMV was $48,000. Because the new realty was worth only $45,000, OCD received $3,000 cash in addition to the new realty.   Required: a-1. Compute OCD's realized gain. a-2. Determine the amount and character of any recognized gain. b. Compute OCD’s basis in its new realty.

ajt.2

What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO                             $75 000        CR           Building                                                    $75 000   DR Building in JO                            $945000        CR           Building                                                    $37 500        CR           Gain on sale of building                          $7 500   DR Investment in joint operation    $45 000        CR           Building                                                    $37 500        CR           Gain on sale of building                          $7 500   DR Cash in JO                                  $45 000        DR    Building in JO…

NEED help with this Question

An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold?   a. A gain of $14,000   b. A loss of $14,000   c. A gain of $8,000   d.  A loss of $8,000

On july 1, 2021, JULIA exchanged its-non-monetary asset (equipment) with GERALD's non-monetary asset (machinery). the following data were made available: JULIA: Equipment P4,400,000  accumulated depreciation 2,000,000  cash received from gerald 500,000   GERALD: Machinery P3,700,000 Accumulated depreiation 1,800,000 Fair value of the machinery 2,100,000 The transaction lack commerical substance. How much is the cost of the new asset of JULIA?

please show work how its solved thanks.