Homework Answers
| Equipment - New (10720+64052+1474) | 76,246 | |
| Accumulated Depreciation (83080-56280) | 26,800 | |
| Gain on disposal | 7,772 | |
| Cash (10720+1474) | 12,194 | |
| Equipment - old | 83,080 |
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Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at...
E10.20 (LO 3) (Nonmonetary Exchange) Ashbrook Inc. has negotiated the purchase of a new piece of...
E10.20 (LO 3) (Nonmonetary Exchange) Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,000 plus trade-in, f.o.b. factory. Ashbrook Inc. paid $8,000 cash and traded in used equipment. The used equipment had originally cost $62,000; it had a book value of $42.000 and a secondhand fair value of $47,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100....
BACK Exercise 10-19 (Part Level Submission) Pharoah Company exchanged equipment used in its manufacturing operations plus...
BACK Exercise 10-19 (Part Level Submission) Pharoah Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Novak Company. The following information pertains to the exchange Pharoah Co. 31,920 21,660 14,250 3,420 Novak Co. Equipment (cost) 31,920 11,400 17,670 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipm...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Exercise 10-19 Ayayai Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for...
Exercise 10-19 Ayayai Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Pina Company. The following informa pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Ayayai Co. $32,480 22,040 14,500 3,480 Pina Co. $32,480 11,600 17,980 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatic...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value)...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $20,540 13,000 14,560 8,190 6,760 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Riverbed's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Kingbird Co $38,640 26,220 17,250 4,140 Oriole Co. $38,640 13,800 21,390 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
E10.20 (LO 3) (Nonmonetary Exchange) Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,000 plus trade-in, f.o.b. factory. Ashbrook Inc. paid $8,000 cash and traded in used equipment. The used equipment had originally cost $62,000; it had a book value of $42.000 and a secondhand fair value of $47,800, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,100....
BACK Exercise 10-19 (Part Level Submission) Pharoah Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Novak Company. The following information pertains to the exchange Pharoah Co. 31,920 21,660 14,250 3,420 Novak Co. Equipment (cost) 31,920 11,400 17,670 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Exercise 10-19 Ayayai Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Pina Company. The following informa pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Ayayai Co. $32,480 22,040 14,500 3,480 Pina Co. $32,480 11,600 17,980 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatic...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $20,540 13,000 14,560 8,190 6,760 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Riverbed's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Kingbird Co $38,640 26,220 17,250 4,140 Oriole Co. $38,640 13,800 21,390 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
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