Use the Following to Answer Questions

question 43

Multiple Choice

Use the following to answer questions
Oceanside Enterprises is trading in its old fishing vessel for a new model. The old fishing vessel is on the books at a cost of $364,000 with accumulated depreciation of $314,600. The new fishing vessel has a list price of $538,000 but the manufacturer has agreed to reduce this by $75,000 in return for Oceanside's old fishing vessel.
-The gain or loss recognized on the exchange would be:

• A)$49,400 loss
• B)$25,600 gain
• C)$75,000 gain
• D)no gain or loss should be recognized

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