Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old...
Cannondale Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. $15,800 List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) 10,000 11,200 Accumulated Depreciation-old melter (straight-line) 6,300 Secondhand fair value of old melter 5,200 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
Question 3 Cullumber Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $790 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $ 16,000 10,900 11,290 6,300 5,310 Assuming that Cullumber's fiscal year ends on December 31 and...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain...
Whispering Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $18,644 Cash paid 11,800 Cost of old melter (5-year life, $826 salvage value) 13,216 Accumulated Depreciation-old melter (straight-line) 7,434 Secondhand fair value of old melter 6,136 Prepare the journal entries necessary to record this exchange lacks commercial substance. Depreciation exp 826 A/D 826 (record...
Oriole Company purchased an electric wax melter on April 30, 2017, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $18,328 Cash paid 11,600 Cost of old melter (5-year life, $812 salvage value) 12,992 Accumulated Depreciation-old melter (straight-line) 7,308 Secondhand fair value of old melter 6,032 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
Teal Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $19,276 Cash paid 12,200 Cost of old melter (5-year life, $854 salvage value) 13,664 Accumulated Depreciation-old melter (straight-line) 7,686 Secondhand fair value of old melter 6,344 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
Carla Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $23,384 Cash paid 14,800 Cost of old melter (5-year life, $1,036 salvage value) 16,576 Accumulated Depreciation-old melter (straight-line) 9,324 Secondhand fair value of old melter 7,696 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
Marin Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $17,380 Cash paid 11,000 Cost of old melter (5-year life, $770 salvage value) 12,320 Accumulated Depreciation-old melter (straight-line) 6,930 Secondhand fair value of old melter 5,720 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Coronado Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter $18,012 Cash paid 11,400 Cost of old melter (5-year life, $798 salvage value) 12,768 Accumulated Depreciation-old melter (straight-line) 7,182 Secondhand fair value of old melter 5,928 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...