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3. Excell Company purchased equipment for $55,000. Total depreciation of $30,000 was recorded. On January 1,...
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement...
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement to Show the loss or gain on exchange (10 points) Prepare the journal entry to record this transaction. Omit explanation (25 points) Assume the exchange had commercial substance. 4) Marketsite, Inc. completed the following treasury stock transactions in 2018: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $10 per share. June 14 Sold...
4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2017. Arabia...
4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2017. Arabia Petroleum's cost of old reserves totaled $96.000.000, representing 160,000,000 barrels of oil. Suppose Arabia Petroleum removed and sold 5,000,000 barrels of oil during 2018 Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit TA. Aica Salvage, Inc., purchased equipment for $10,000....
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Blue Company purchased equipment on January 2, 2016, for $105,700. The equipment had an estimated useful...
Blue Company purchased equipment on January 2, 2016, for $105,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $13,200. Blue uses straight-line depreciation on all assets. On January 2, 2020, Blue exchanged this equipment plus $13,100 in cash for newer equipment. The old equipment has a fair value of $53,300. Prepare the journal entry to record the exchange on the books of Blue Company. Assume that the exchange has commercial substance. (If...
On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight...
On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events...
Cannondale Company purchased an electric wax melter on April 30, 2020, by trading in its old...
Cannondale 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. $15,800 List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) 10,000 11,200 Accumulated Depreciation-old melter (straight-line) 6,300 Secondhand fair value of old melter 5,200 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2,...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
Accounting in acquisition and disposition of property, plant and Equipment 1. Paxten Company decides to exchange...
Accounting in acquisition and disposition of property, plant and
Equipment
1. Paxten Company decides to exchange a machine used in its operations for a machine owned by Dorsett Company. Dorsett exchanged a machine plus $10,000 to Paxten Company. Dorsett Company's machine had a cost of $120,000 and accumulated depreciation of $45,000. Paxten Company's machine had a cost of $160,000 and accumulated depreciation of $70,000. The fair market value of Paxten Company's machine is $92,000. REQUIREMENT: RECORD THE ENTRY MADE BY...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Teal Company purchased an electric wax melter on April 30, 2020, by trading in its old...
Teal 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 $19,276 Cash paid 12,200 Cost of old melter (5-year life, $854 salvage value) 13,664 Accumulated Depreciation-old melter (straight-line) 7,686 Secondhand fair value of old melter 6,344 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
1, 2019, Excell exchanged the equipment for new eq new equipment is $45,000. Prepare a statement to Show the loss or gain on exchange (10 points) Prepare the journal entry to record this transaction. Omit explanation (25 points) Assume the exchange had commercial substance. 4) Marketsite, Inc. completed the following treasury stock transactions in 2018: June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $10 per share. June 14 Sold...
4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2017. Arabia Petroleum's cost of old reserves totaled $96.000.000, representing 160,000,000 barrels of oil. Suppose Arabia Petroleum removed and sold 5,000,000 barrels of oil during 2018 Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit TA. Aica Salvage, Inc., purchased equipment for $10,000....
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Cannondale 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. $15,800 List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) 10,000 11,200 Accumulated Depreciation-old melter (straight-line) 6,300 Secondhand fair value of old melter 5,200 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and...
--/1 Question 1 View Policies Current Attempt in Progress Culver Company purchased equipment on January 2, 2016, for $113,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Culver uses straight-line depreciation on all assets. On January 2, 2020, Culver exchanged this equipment plus $12,500 in cash for newer equipment. The old equipment has a fair value of $47,600. Prepare the journal entry to record the exchange on the books of Culver...
Accounting in acquisition and disposition of property, plant and
Equipment
1. Paxten Company decides to exchange a machine used in its operations for a machine owned by Dorsett Company. Dorsett exchanged a machine plus $10,000 to Paxten Company. Dorsett Company's machine had a cost of $120,000 and accumulated depreciation of $45,000. Paxten Company's machine had a cost of $160,000 and accumulated depreciation of $70,000. The fair market value of Paxten Company's machine is $92,000. REQUIREMENT: RECORD THE ENTRY MADE BY...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
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