A machine cost $1512000, has annual depreciation of $252000, and has accumulated depreciation of $1197000 on...
A machine cost $1512000, has annual depreciation of $252000, and has accumulated depreciation of $1197000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $346500, it is exchanged for a machine with a fair value of $1701000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at
Homework Answers
Solution:
As transaction is having commercial substance, therefore new machine should be recorded at its fair value i.e. = $1,701,000
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A machine cost $1512000, has annual depreciation of $252000, and
has accumulated depreciation of $1197000 on...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $247500, it is exchanged for a machine with a fair value of $1215000 and the proper amount of cash is paid. The exchange had commercial substance The gain to be recorded on the exchange is $0 $67500 $135000 $45000
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on...
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $236500, it is exchanged for a machine with a fair value of $1161000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at $1139500 $924500. $1053500 $1161000 Cullumber Corporation acquired End of the World Products on January 1, 2020...
A machine cost $228,600, has annual depreciation expense of $45,720, and has accumulated depreciation of $114,300...
A machine cost $228,600, has annual depreciation expense of $45,720, and has accumulated depreciation of $114,300 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $89,470, it is exchanged for a similar machine with a fair value of $280,700 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered....
A machine cost $255,200, has annual depreciation expense of $51,040, and has accumulated depreciation of $127,600...
A machine cost $255,200, has annual depreciation expense of $51,040, and has accumulated depreciation of $127,600 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $102,490, it is exchanged for a similar machine with a fair value of $286,500 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered....
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.
Dansen Co. owns a machine that has an original cost of S120,000, annual straight-line depreciation of...
Dansen Co. owns a machine that has an original cost of S120,000, annual straight-line depreciation of S20,000, and it has accumulated depreciation of S60,000 on December 31, 2016. On March 31. 2017, when the machine has a market value of S57,500, the company exchanged it for a new machine with a fair value of S135,000 and paid S77,500 cash in the exchange. The exchange lacked commercial substance. The gain or loss to be recorded on the exchange is a. SO....
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged...
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged for equipment with a fair value of $403200 and $100300 cash is received. The exchange backed commercial substand The new equipment should be recorded at $241920 $403200 $252000 $201600
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for...
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for equipment with a fair value of $96,000 and $24,000 cash is received. The exchange lacked commercial substance. Instructions (a) Show the calculation of the gain to be recognized from the exchange. (b) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment.
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...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $247500, it is exchanged for a machine with a fair value of $1215000 and the proper amount of cash is paid. The exchange had commercial substance The gain to be recorded on the exchange is $0 $67500 $135000 $45000
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $236500, it is exchanged for a machine with a fair value of $1161000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at $1139500 $924500. $1053500 $1161000 Cullumber Corporation acquired End of the World Products on January 1, 2020...
A machine cost $228,600, has annual depreciation expense of $45,720, and has accumulated depreciation of $114,300 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $89,470, it is exchanged for a similar machine with a fair value of $280,700 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered....
A machine cost $255,200, has annual depreciation expense of $51,040, and has accumulated depreciation of $127,600 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $102,490, it is exchanged for a similar machine with a fair value of $286,500 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered....
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.
Dansen Co. owns a machine that has an original cost of S120,000, annual straight-line depreciation of S20,000, and it has accumulated depreciation of S60,000 on December 31, 2016. On March 31. 2017, when the machine has a market value of S57,500, the company exchanged it for a new machine with a fair value of S135,000 and paid S77,500 cash in the exchange. The exchange lacked commercial substance. The gain or loss to be recorded on the exchange is a. SO....
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged for equipment with a fair value of $403200 and $100300 cash is received. The exchange backed commercial substand The new equipment should be recorded at $241920 $403200 $252000 $201600
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for equipment with a fair value of $96,000 and $24,000 cash is received. The exchange lacked commercial substance. Instructions (a) Show the calculation of the gain to be recognized from the exchange. (b) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment.
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...
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