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Rooneys machine has a book value of 285000 what amount of

Question - Fernando Company traded machinery with original cost of $300,000 and accumulated depreciation of $15,000. It received in exchange from Rooney Company a machine with a fair value of $300,000. Fernando also paid cash of $30,000 in the exchange. Rooney's machine has a book value of $285,000. What amount of gain or loss should Fernando recognize on the exchange?

a. $30,000 gain

b. $ -0-

c. $1,500 loss

d. $15,000 loss

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Accounting Basics: Rooneys machine has a book value of 285000 what amount of

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Accounting Basics: Rooneys machine has a book value of 285000 what amount of

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