Blooms cape Delivery Inc. has a delivery van that is being sold after 6 years of use. The current book value of the van is $6,500. If Blooms cape Delivery Inc. sells the van for $9,200, what is the impact of this transaction?

Blooms cape Delivery Inc. has a delivery van that is being sold after 6 years of use. The current book value of the van is $6,500. If Blooms cape Delivery Inc. sells the van for $9,200, what is the impact of this transaction?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6MC

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Question

What is the impact of this transaction for this financial accounting question?

Blooms cape Delivery Inc. has a delivery van that is being
sold after 6 years of use. The current book value of the
van is $6,500. If Blooms cape Delivery Inc. sells the van
for $9,200, what is the impact of this transaction?

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