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Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
9. Equipment that cost $660,000 and has accumulated depreciation of $300.000 is exchanged for equipment with...
9. Equipment that cost $660,000 and has accumulated depreciation of $300.000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received The exchange lacked commercial substance. The gain to be recognized from the exchange is A) $48,000 B) $60,000 C) $180,000 D) $240,000
Ex. 10-134-Nonmonetary exchange cost $140,000, has annual depreciation A machine expense of $28,000, and has accumulated...
Ex. 10-134-Nonmonetary exchange cost $140,000, has annual depreciation A machine expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000, it is exchanged for a similar machine with a fair value of $168,0000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions Prepare all entries that are necessary at April 1, 2013
Ex. 10-134-Nonmonetary exchange. A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated...
Ex. 10-134-Nonmonetary exchange. A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000, it is exchanged for a similar machine with a fair value of $168,000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions Prepare all entries that are necessary at April 1, 2013.
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged...
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged for equipment with a fair value of $566400 and $141600 cash is received. The exchange lacked commercial substance, The new equipment should be recorded at $339840 $283200 $566400 $354000
Pr. 10-124—Nonmonetary exchange. Pratt Co. has a machine that cost $255,000 on March 20, 2003. This...
Pr. 10-124—Nonmonetary exchange. Pratt Co. has a machine that cost $255,000 on March 20, 2003. This old machine had an estimated life of ten years and a salvage value of $15,000. On December 23, 2007, the old machine is exchanged for a new machine with a market value of $162,000. The exchange lacked commercial substance. Pratt also received $18,000 cash. Assume that the last fiscal period ended on December 31, 2006, and that straight-line depreciation is used. Instructions (a) Show...
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer...
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $210,000 119,000 77,000 $190,000 111,000 96,000 To equalize the exchange, Phifer paid Robers $19,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No Journal entry...
1.Equipment that cost $674000 and has accumulated depreciation of $292000 is exchanged for equipment with a...
1.Equipment that cost $674000 and has accumulated depreciation of $292000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is a.$188000 b.$52400 c.$90000 d.$278000 2. Crane Company has equipment with a carrying amount of $2400000. The expected future net cash flows from the equipment are $2440000, and its fair value is $2035000. The equipment is expected to be used in operations...
E10.19B (L0 3) (Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6,000...
E10.19B (L0 3) (Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange: Mathews Co. Biggio Co. Equipment (cost) $56,000 $56,000 Accumulated depreciation 38,000 20,000 Fair value of equipment 25,000 31,000 Cash given up 6,000 Instructions Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. Prepare...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
9. Equipment that cost $660,000 and has accumulated depreciation of $300.000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received The exchange lacked commercial substance. The gain to be recognized from the exchange is A) $48,000 B) $60,000 C) $180,000 D) $240,000
Ex. 10-134-Nonmonetary exchange cost $140,000, has annual depreciation A machine expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000, it is exchanged for a similar machine with a fair value of $168,0000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions Prepare all entries that are necessary at April 1, 2013
Ex. 10-134-Nonmonetary exchange. A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000, it is exchanged for a similar machine with a fair value of $168,000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions Prepare all entries that are necessary at April 1, 2013.
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged for equipment with a fair value of $566400 and $141600 cash is received. The exchange lacked commercial substance, The new equipment should be recorded at $339840 $283200 $566400 $354000
Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $210,000 119,000 77,000 $190,000 111,000 96,000 To equalize the exchange, Phifer paid Robers $19,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No Journal entry...
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