Current Attempt in Progress Ivanhoe Corporation wishes to exchange a machine used in its operations. Ivanhoe...

Current Attempt in Progress

Ivanhoe Corporation wishes to exchange a machine used in its operations. Ivanhoe has received the following offers from other companies in the industry.

1.		Shamrock Company offered to exchange a similar machine plus $28,520. (The exchange has commercial substance for both parties.)
2.		Bridgeport Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Indigo Company offered to exchange a similar machine, but wanted $3,720 in addition to Ivanhoe’s machine. (The exchange has commercial substance for both parties.)

In addition, Ivanhoe contacted Sweet Corporation, a dealer in machines. To obtain a new machine, Ivanhoe must pay $115,320 in addition to trading in its old machine.

	Ivanhoe	Shamrock	Bridgeport	Indigo	Sweet
Machine cost	$198,400	$148,800	$188,480	$198,400	$161,200
Accumulated depreciation	74,400	55,800	88,040	93,000	–0–
Fair value	114,080	85,560	114,080	117,800	229,400

1. Ivanhoe Corporation

Shamrock Company

Ivanhoe Corporation

Bridgeport Company

Ivanhoe Corporation

Indigo Company

Ivanhoe Corporation

Sweet Company

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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