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# On January 1, 2014, Fishbone Corporation sold a building that

### Customer Question

On January 1, 2014, Fishbone Corporation sold a building that cost \$253,500 and that had accumulated depreciation of \$102,700 on the date of sale. Fishbone received as consideration a \$242,800 non-interest-bearing note due on January 1, 2017. 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, 2014, was 8%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
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Customer: On January 1, 2014, Fishbone Corporation purchased 320 of the \$1,000 face value, 8%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2024, and pay interest annually beginning January 1, 2015. Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
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Submitted: 1 year ago.
Category: Multiple Problems
Expert:  Johnmark1900 replied 1 year ago.
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