Homework Answers
Journal entries:
| Sr.no. | Account title | Debit | Credit |
|---|---|---|---|
| 1 |
equipment ($37000 x 97%) Accounts payable |
$35890 . |
. $35890 |
| 2 |
equipment discount on notes payable Notes payable |
$35455 $3545 . |
. . $39000 |
| 3 |
equipment (new) ($34000 + $7300) Accumulated depreciation Loss on equipment Cash Equipment (old) |
$41300 $14000 $4700 . . |
. . . $34000 $26000 |
| 4 |
equipment Common stock |
$36000 . |
. $36000 |
In journal entry 2:
equipment is recorded at present value of notes payable
= $39000 x PVF(10%,1)
= $39000 x 0.90909
= $35454.51 or $35455
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Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $210,000 119,000 77,000 $190,000 111,000 96,000 To equalize the exchange, Phifer paid Robers $19,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No Journal entry...
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please complete both required parts to the problem
Exercise 7-19 (Algo) Noninterest-bearing note receivable (L07-7) On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $52,000 on March 31, 2022. The fair value of the merchandise exchanged is $50,050. Esquire views the financing component of this contract as significant Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be...
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