Homework Answers
Information Given -
On January 2, Bering Co. disposes of a Machine Costing $44000 with Accumulated depreciation of $24625.
.
(1) -- The machine is sold for $18250 cash.
Answer -
Journal Entry
| General journal | Debit ($) | Credit ($) |
|
Cash [Given] Loss on Sale of Machinery [Balancing figure] Accumulated Depreciation--Machinery (old) [Given] Machinery (old) [Given] |
18250 1125 24625 - |
- - - 44000 |
.
(2) -- The machine is traded in for a new machine having a $60200 cash price. A $25000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange lacks commercial substance.
Answer -
Journal Entry
| General journal | Debit ($) | Credit ($) |
|
Machinery (new) [Balancing figure] Accumulated Depreciation--Machinery(old) [Given] Machinery (old) [Given] Cash [$60200 - $25000] |
54575 24625 - - |
- - 44000 35200 |
.
(3) -- The machine is traded in for a new machine having a $60200 cash price. A $15000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.
Answer -
Journal Entry
| General journal | Debit ($) | Credit ($) |
|
Machinery (new) [Given] Loss on Exchange of Machinery [Balancing figure] Accumulated Depreciation--Machinery(old) [Given] Machinery (old) [Given] Cash [$60200 - $15000] |
60200 4375 24625 - - |
- - - 44000 45200 |
Add Answer to:
1, 2 and 3 please
Exercise 10-24A Recording plant asset disposals P5 On January 2, Bering...
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On January 2, Bering Co. disposes of a machine costing $51.900 with accumulated depreciation of S27.958. Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $20,080 cash, 2. The machine is traded in for a new machine having a $68,400 cash price A $24.714 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance 3. The machine is traded in for a new machine...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for...
1, 2 and 3 please Exercise 10-23 Exchanging assets P5 Gilly Construction trades in an old...
1, 2 and 3 please
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Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100...
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Asset Traded for Similar Asset WN A printing press priced at a fair market value of $587,100 is acquired in a transacti...
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James Company purchased four identical machines on January 10, 2019, paying $6,090 for each. The useful...
James Company purchased four identical machines on January 10, 2019, paying $6,090 for each. The useful life of each machine is expected to be six years, with a salvage value of $690 each. The company uses the straight-line method of depreciation. Selected transactions involving the machines follow. The accounts for recording these transactions are also given. DATE TRANSACTIONS FOR 2019 Jan. 10 Paid $6,090, in cash, for each of four machines. Dec. 31 Recorded depreciation for the year on the...
1. Asset Traded for Similar Asset A printing press priced at a fair market value of...
1. Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 is acquired in a transaction that has commerclal substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press 3. a. Assuming that the trade-in allowance is $15,200, what is the amount of cash given? 4. b. Assuming that the book value of the press traded in is S16,100, what...
1. On January 5, 2015, Mountain View Company purchased construction equipment for $702,700, with a useful...
1. On January 5, 2015, Mountain View Company purchased
construction equipment for $702,700, with a useful life of six
years and estimated salvage value of $94,000. The company uses the
straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: b. The machine was traded in on new tools having a $137,000 cash price. A $50,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. Answer is complete but not entirely correct....
On January 2, Bering Co. disposes of a machine costing $51.900 with accumulated depreciation of S27.958. Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $20,080 cash, 2. The machine is traded in for a new machine having a $68,400 cash price A $24.714 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance 3. The machine is traded in for a new machine...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for...
1, 2 and 3 please
Exercise 10-23 Exchanging assets P5 Gilly Construction trades in an old tractor for a new tractor, receiving a $29,000 trade-in allowance and paying the remaining $83,000 in cash. The old tractor had cost $96,000 and had accumulated depreciation of $52,500. Answer the following questions assuming the exchange has commercial substance. 1. What is the book value of the old tractor at the time of exchange? 2. What is the loss on this asset exchange? 3....
Asset Traded for Similar Asset A printing press priced at a fair market value of $492,300 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $216,600, what is the amount of cash given? b. Assuming that the book value of the press traded in is $194,900, what is the gain...
Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $15,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $16,100, what is the gain...
Asset Traded for Similar Asset WN A printing press priced at a fair market value of $587,100 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $258,300, what is the amount of cash given? b. Assuming that the book value of the press traded in is $232,500, what is the...
1. Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100 is acquired in a transaction that has commerclal substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press 3. a. Assuming that the trade-in allowance is $15,200, what is the amount of cash given? 4. b. Assuming that the book value of the press traded in is S16,100, what...
1. On January 5, 2015, Mountain View Company purchased
construction equipment for $702,700, with a useful life of six
years and estimated salvage value of $94,000. The company uses the
straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: b. The machine was traded in on new tools having a $137,000 cash price. A $50,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. Answer is complete but not entirely correct....
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