accounting homework 495103

Take Test: Q9-CH10   https://myasucourses.asu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_511859_1&course_id=_262710_1&content_id=_8013066_1&step=nullSKIP TO COURSE MENU https://myasucourses.asu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_511859_1&course_id=_262710_1&content_id=_8013066_1&step=nullSKIP TO TOP FRAME TABS Content https://myasucourses.asu.edu/webapps/assessment/accessibility.jspAssistive Technology Tips [opens in new window] Instructions Description Non-Monetary Exchanges.  This quiz will close at 11:00 PM on Friday, June 21st.  You will be given (2) attempts to complete this quiz and your highest grade will be reported in the grade book.  The solutions will become available on Blackboard at 11:00 PM after the assessment closes. Instructions Multiple Attempts This Test allows 2 attempts. This is attempt number 1. Force Completion This Test can be saved and resumed later.  Question Completion Status:   Question 1   Use the following information to answer the next (6) questions: Turkey Inc. is trading a machine which had cost $70,000 and had accumulated depreciation of $40,000 for another fixed asset. For each of the following independent situations, determine the amount to be capitalized for the new fixed asset that Turkey is acquiring and the gain or loss to be recognized at the time of the exchange.  *If there is a gain record your answer as a positive number; if there is a loss, record your answer in parenthesis ().  If there is NO gain or loss, type in NE.   Capitalized Cost of New Asset $ Gain/Loss 1. Turkey traded the old machine for a newer machine with a fair value of $45,000 and received $5,000 on the exchange.  The exchange has commercial substance.  $_blank 1 __ $_blank_2__ 2.  Same as #1, except the exchange lacks commercial substance. $_blank_3__ $__blank_4_ 3.  Same as #1 except the exchange lacks commercial substance; and instead of receiving cash, Turkey paid $4,000…