Homework Answers
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Cash given = Fair market value - Trade in Allowance = 380,100 - 15,200 = 364,900 |
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Loss = Trade in Allowance - Book value = 15,200 - 16,100 = 900 loss |
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Asset Traded for Similar Asset A printing press priced at a fair market value of $380,100...
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...
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 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...
answer all blank Asset Traded for Similar Asset A printing press priced at a fair market...
answer all blank
Asset Traded for Similar Asset A printing press priced at a fair market value of $373,100 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 . Assuming that the trade-in allowance is $164,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $147,800, what...
A fixed asset with a cost of $37,927 and accumulated depreciation of $34,134 is traded for...
A fixed asset with a cost of $37,927 and accumulated depreciation of $34,134 is traded for a similar asset priced at $40,732 (fair market value) in a transaction with commercial substance. Assuming a trade-in allowance of $5,136, at what cost will the new equipment be recorded in the books? a. $35,596 b. $40,732 c. $44,525 d. $39,389
A new drill press was purchased for $148,000 by trading in a similar machine that had...
A new drill press was purchased for $148,000 by trading in a similar machine that had a book value of $46,220. Assuming that the trade-in allowance is $40,000 and that $108,000 cash is to be paid for the new asset, what is the cost basis of the new asset for depreciation purposes?
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.
Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair...
Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair value of the old equipment were $80,100 and $90,100, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of: Multiple Choice $(10,000). $10,000. $0. $28,300.
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal...
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal Manufacturers Ltd. The deal required Calling Card Co Ltd to exchange the following assets for the printing press Shares in Calling Card Co Ltd 50 000 shares with a market value of $1.10 each Cost 520 000, accumulated depreciation $8000; fair value 515 000 $5.000 Carrying Amonton Vehicle Cash The cost to install the press was $1000 (not yet paid). What is the entry...
Cullumber Company traded machinery with a book value of $595000 and a fair value of $955000....
Cullumber Company traded machinery with a book value of $595000
and a fair value of $955000. It received in exchange from Swifty
Corporation a machine with a fair value of $859500 and cash of
$95500. Swifty’s machine has a book value of $907250. What amount
of gain should Cullumber recognize on the exchange (assuming lack
of commercial substance)?
$95500
$360000
$ -0-
$36000
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...
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 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...
answer all blank
Asset Traded for Similar Asset A printing press priced at a fair market value of $373,100 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 . Assuming that the trade-in allowance is $164,200, what is the amount of cash given? b. Assuming that the book value of the press traded in is $147,800, what...
A new drill press was purchased for $148,000 by trading in a similar machine that had a book value of $46,220. Assuming that the trade-in allowance is $40,000 and that $108,000 cash is to be paid for the new asset, what is the cost basis of the new asset for depreciation purposes?
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal Manufacturers Ltd. The deal required Calling Card Co Ltd to exchange the following assets for the printing press Shares in Calling Card Co Ltd 50 000 shares with a market value of $1.10 each Cost 520 000, accumulated depreciation $8000; fair value 515 000 $5.000 Carrying Amonton Vehicle Cash The cost to install the press was $1000 (not yet paid). What is the entry...
Cullumber Company traded machinery with a book value of $595000
and a fair value of $955000. It received in exchange from Swifty
Corporation a machine with a fair value of $859500 and cash of
$95500. Swifty’s machine has a book value of $907250. What amount
of gain should Cullumber recognize on the exchange (assuming lack
of commercial substance)?
$95500
$360000
$ -0-
$36000
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