Business, 05.05.2020 06:13 wvtoy4767

On January 1, 2013, Pastel Colors Corporation purchased drilling equipment for $11,500. The equipment has an estimated useful life of four years and a salvage value of $200.
Assuming that Pastel Colors uses the straight-line method of depreciation, if it trades the equipment for new equipment with a list price of $15,500 on December 31, 2014, and pays $4,050 in the exchange, assuming the exchange lacks commercial substance, the new equipment should be recorded at:

a) $15,500. b) $11,450. c) $9,850. d) $9,900.

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On January 1, 2013, Pastel Colors Corporation purchased drilling equipment for $11,500. The equipmen...