On January 1, 2017, Flint Corporation sold a building that cost $266,270 and that had accumulated depreciation of $109,830 on the date of sale. Flint received as consideration a $256,270 non-interest-bearing note due on January 1, 2020. 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, 2017, was 9%. At what amount should the gain from the sale of the building be reported
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Home » Business » On January 1, 2017, Flint Corporation sold a building that cost $266,270 and that had accumulated depreciation of $109,830 on the date of sale. Flint received as consideration a $256,270 non-interest-bearing note due on January 1, 2020.