Layne Co. has a machine that cost $255,000 on March 20, 2007. This old machine had an
estimated life of ten years and a salvage value of $15,000. On December 23, 2011, the
old machine is exchanged for a new machine with a market value of $162,000. The
Quiz Chpts 10 & 11
Use the following information for questions 78 and 80.
On March 1, 2010, Newton Company purchased land for an office site by paying $540,000 cash. Newton
began construction on the office building on March 1. The following expenditures w