Business, 09.10.2021 17:40 bikkiecuanas13

On January 1, 2020, Pearl Corporation sold a building that cost $264,310 and that has accumulated depreciation of $101,310 on the date of sale. Pearl received as consideration a $254,310 non-interest-bearing note due on January 1, 2023. 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, 2020, was 9%. At what amount should the gain from the sale of the building be reported

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On January 1, 2020, Pearl Corporation sold a building that cost $264,310 and that has accumulated de...