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4)
Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the...
4) Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the...
4)
Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions. (a) The equipment had no market value and was discarded. (b) The equipment is sold for $54,000. (c) The equipment is sold for $24,000. (d) The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in are as follows. Co...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
Asset Traded for Similar Asset WN A printing press priced at a fair market value of $587,100 is acquired in a transacti...
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...
Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the fair...
Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the fair value of the old equipment were $81,400 and $90,800, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of: $(9,400). $ 9,400. $ 0. $28,100.
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade- in are as follows. Cost of machinery traded (old machine) $100,000 Accumulated depreciation to date of sale (old machine) 40,000 Fair value of machinery traded (old machine) 83,000 Cash received 12,000 Fair value of machinery acquired (new machine) 71,000 Record the journal entry for the above nonmonetary asset exchange for the following scenarios: a. The transaction has commercial substance. b. The transaction lacks commercial...
Asset Traded for Similar Asset A printing press priced at a fair market value of $492,300...
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...
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...
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange...
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Equipment (original cost) $60,000 $70,000 Accumulated depreciation 20,000 24,000 Fair value 36.000 48,000 Cash exchanged 112,000) 12,000 Support Answer the following questions, rounding your answers to the nearest whole number, a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $24,000 (original cost of $71,000 less accumulated depreciation of $47,000) and $30,000, respectively. Assume Calaveras paid $5,000 in cash and the exchange lacks commercial substance. (1) At what amount will Calaveras value the pickup trucks? (2) How much gain or loss will the company recognize on the exchange? (1) Value of pickup trucks (2) Loss on exchange
4)
Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions. (a) The equipment had no market value and was discarded. (b) The equipment is sold for $54,000. (c) The equipment is sold for $24,000. (d) The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
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...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade- in are as follows. Cost of machinery traded (old machine) $100,000 Accumulated depreciation to date of sale (old machine) 40,000 Fair value of machinery traded (old machine) 83,000 Cash received 12,000 Fair value of machinery acquired (new machine) 71,000 Record the journal entry for the above nonmonetary asset exchange for the following scenarios: a. The transaction has commercial substance. b. The transaction lacks commercial...
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...
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Equipment (original cost) $60,000 $70,000 Accumulated depreciation 20,000 24,000 Fair value 36.000 48,000 Cash exchanged 112,000) 12,000 Support Answer the following questions, rounding your answers to the nearest whole number, a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $24,000 (original cost of $71,000 less accumulated depreciation of $47,000) and $30,000, respectively. Assume Calaveras paid $5,000 in cash and the exchange lacks commercial substance. (1) At what amount will Calaveras value the pickup trucks? (2) How much gain or loss will the company recognize on the exchange? (1) Value of pickup trucks (2) Loss on exchange
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