Homework Answers
Add Answer to:
On December 1, 2020, Coronado Industries acquired new equipment in exchange for old equipment that it...
Current Attempt in Progress On December 1, 2020, Waterway Industries acquired new equipment in exchange for...
Current Attempt in Progress On December 1, 2020, Waterway Industries acquired new equipment in exchange for old equipment that it had acquired in 2017. The old equipment was purchased for $224000 and had a book value of $92070. On the date of the exchange, the old equipment hadafair value of $99000. In addition Waterway paid $294000 cash for the new equipment, which had a list price of $394000. The exchange lacked commercial substance. At what amount should Waterway record the...
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old...
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2004. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a market value of $14,000. In addition, Fiene paid $45,500 cash for the new truck, which had a list price of $63,000. The exchange had commercial substance. At what amount should Fiene...
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions....
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment Cash Book Value Fair Value Received Equipment A $75,000 $80,000 $12,000 Equipment B $60,000 $56,000 $10,000 For Equipment A. Pensacola would record the new equipment at: $68.000 $63.250. $67.250. $80,000 Question 2 (1 point) P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the land were $106,000...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38,000 less accumulated depreciation of $21,000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $550,000 and...
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $270,000 (...
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $270,000 (original cost of $590,000 less $320,000 in accumulated depreciation) and its fair value was $300,000. Cedric paid $70,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The Bronco Corporation exchanged land...
Coronado Company purchased an electric wax melter on April 30, 2020, by trading in its old...
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...
Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had...
Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $12,500 (original cost of $29,000 less accumulated depreciation of $16,500) and a fair value of $9,100. Kapono paid $21,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $505,000 and a fair value of $710,000. Kapono paid $51,000 cash...
Below is the information relative to an exchange of assets by Bonita Industries. The exchange lacks...
Below is the information relative to an exchange of assets by Bonita Industries. The exchange lacks commercial substance. Old Equipment Book Value Fair Value $454000 $505000 $295500 $264000 Case I Case II Cash Paid $83500 $38600 Which of the following would be correct for Bonita to record in Case I? Record Equipment at: Record again (loss) of: $588500 $51000 $537500 oooo $0 $454000 $(31500) $537500 $51000
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $12,500 (original cost of $29,000 less accumulated depreciation of $16,500) and a fair value of $9,100. Kapono paid $21,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $505,000 and...
Current Attempt in Progress On December 1, 2020, Waterway Industries acquired new equipment in exchange for old equipment that it had acquired in 2017. The old equipment was purchased for $224000 and had a book value of $92070. On the date of the exchange, the old equipment hadafair value of $99000. In addition Waterway paid $294000 cash for the new equipment, which had a list price of $394000. The exchange lacked commercial substance. At what amount should Waterway record the...
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment Cash Book Value Fair Value Received Equipment A $75,000 $80,000 $12,000 Equipment B $60,000 $56,000 $10,000 For Equipment A. Pensacola would record the new equipment at: $68.000 $63.250. $67.250. $80,000 Question 2 (1 point) P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the land were $106,000...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
Below is the information relative to an exchange of assets by Bonita Industries. The exchange lacks commercial substance. Old Equipment Book Value Fair Value $454000 $505000 $295500 $264000 Case I Case II Cash Paid $83500 $38600 Which of the following would be correct for Bonita to record in Case I? Record Equipment at: Record again (loss) of: $588500 $51000 $537500 oooo $0 $454000 $(31500) $537500 $51000
Most questions answered within 3 hours.
-
What is the state of relations between the Soviet Union and the
West between 1965 and...
asked 3 minutes ago -
regarding business managment-
1. define social identity theory / clearly state the
theory.
2. briefly mention...
asked 7 minutes ago -
Develop the pseudocode and the flowchart for a program that
finds the sum of 5 numbers.
asked 12 minutes ago -
Hi, I hope I can get some help with the following exercise in
C++( CPP):
1.Write...
asked 12 minutes ago -
Mul-Choice Psy
1. Kevin is a good student. He studies hard because when he does
he...
asked 27 minutes ago -
Medwig Corporation has a DSO of 33 days. The company averages
$4,250 in sales each day...
asked 32 minutes ago -
Write a program that will turn a light on when a count reaches
20. The light...
asked 35 minutes ago -
what is the formula, molecular weight , melting point and
one-word hazard for p-dichlorobenzene?
asked 44 minutes ago -
To move a refrigerator of mass 140 kg into a house, a mover puts
it on...
asked 40 minutes ago -
10. Which of the following is NOT a physical
barrier method of birth control?
vastecomy
female...
asked 44 minutes ago -
A gene mutation that is hypermorphic in nature likely has a
mutation in its....
Promoter
Coding...
asked 50 minutes ago -
1)A flask containing oxygen has a volume of 3.5 dm at a pressure
of 3.5 bar....
asked 50 minutes ago