Homework Answers
Ans:
| Account title | Debit | Credit |
| Truck(35900+8400) | 44300 | |
| Accumulated Depreciation—Machine | 28200 | |
| Machine | 54300 | |
| Gain on Machine Disposal | 9800 | |
| Cash | 8400 |
Add Answer to:
Question Help Probst Company exchanged a used machine with a book value of $26,100 (cost $54,300...
Plaza Company exchanged a used machine with a book value o 25 200 cost S53 700...
Plaza Company exchanged a used machine with a book value o 25 200 cost S53 700 less $28,500 accumulated deprec ation and cash of S 200 or a dell ery c·The machine s estimated market value of S35,900. The cash flows related to the truck will be different from the cash flows generated from the use of the machine. Requirement Prepare the journal entry to record the exchange on the books of the Plaza Company. (Record debits first, then credits....
Sam's Taxi Company exchanged a fleet of Toyota vehicles for an equal-sized fleet of Nissan vehicles...
Sam's Taxi Company exchanged a fleet of Toyota vehicles for an
equal-sized fleet of Nissan vehicles from the Dave Transportaion
Group. The carrying value and fair value of each fleet of vehicles
on the date of the exchange are as follows:
Sam's Taxi received cash of $79,500 and the Nissan fleet in
exchange for the Toyota fleet. Sam's Taxi does not expect the
future cash flows to change significantly as a result of this
exchange and, therefore, the transaction lacks...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000;...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
Botella's Taxi Company exchanged a fleet of Toyota vehicles for an equal-sized fleet of Nissan vehicles...
Botella's Taxi Company exchanged a fleet of Toyota vehicles for an equal-sized fleet of Nissan vehicles from the Sentry Transportation Group. (Click the icon to view additional information.) Prepare the jounal entry to record the exchange transaction for Botella's Taxi Company. (Record debits first, then credits. Exclude explanations from More Info The carrying value and fair value of each fleet of vehicles on the date of the exchange are as follows: Accumulated Carrying Fair Asset Cost Depreciation Value Value Toyota...
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book...
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance.
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and...
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco received $10,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $132,000 and...
The Bronco Corporation exchanged land for equipment. The land had a book value of $132,000 and a fair value of $174,000. Bronco received $22,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
Karim Company exchanged equipment used in its manufacturing operations plus SAR6,000 in cash for similar equipment...
Karim Company exchanged equipment used in its manufacturing operations plus SAR6,000 in cash for similar equipment used in the operations of Mansour Company. The following information pertains to the exchange. Karim Co Mansour Co Equipment (cost) 84,000 84,000 Accumulated depreciation 57,000 30,000 Fair value of equipment 40,500 46,500 Cash given up 6,000 Instructions (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that exchange...
Cheyenne Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment...
Cheyenne Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Ayayai Company. The following information pertains to the exchange. CheyenneCo. Ayayai Co. Equipment (cost) $32,480 $32,480 Accumulated depreciation 22,040 11,600 Fair value of equipment 14,500 17,980 Cash given up 3,480 1. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. 2. Prepare the journal entries to record...
Plaza Company exchanged a used machine with a book value o 25 200 cost S53 700 less $28,500 accumulated deprec ation and cash of S 200 or a dell ery c·The machine s estimated market value of S35,900. The cash flows related to the truck will be different from the cash flows generated from the use of the machine. Requirement Prepare the journal entry to record the exchange on the books of the Plaza Company. (Record debits first, then credits....
Sam's Taxi Company exchanged a fleet of Toyota vehicles for an
equal-sized fleet of Nissan vehicles from the Dave Transportaion
Group. The carrying value and fair value of each fleet of vehicles
on the date of the exchange are as follows:
Sam's Taxi received cash of $79,500 and the Nissan fleet in
exchange for the Toyota fleet. Sam's Taxi does not expect the
future cash flows to change significantly as a result of this
exchange and, therefore, the transaction lacks...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
Botella's Taxi Company exchanged a fleet of Toyota vehicles for an equal-sized fleet of Nissan vehicles from the Sentry Transportation Group. (Click the icon to view additional information.) Prepare the jounal entry to record the exchange transaction for Botella's Taxi Company. (Record debits first, then credits. Exclude explanations from More Info The carrying value and fair value of each fleet of vehicles on the date of the exchange are as follows: Accumulated Carrying Fair Asset Cost Depreciation Value Value Toyota...
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance.
The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco received $10,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $132,000 and a fair value of $174,000. Bronco received $22,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
Most questions answered within 3 hours.
-
evaluate the statements below and select those that correctly apply
to the role of PAMPs and...
asked 4 seconds ago -
Congratulations! You have just won the Lottery. The Lottery
Commission informs you that you can choose...
asked 5 minutes ago -
bulk flow (in respiration) moves blood from?
Air in and out of lungs?
air into lungs?...
asked 10 minutes ago -
Which of the following describes a private network?
1. A wide area network (WAN) linking sites...
asked 25 minutes ago -
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 33 minutes ago -
Question 3
A 50 percent deduction is allowed for amounts paid or incurred for
dues and...
asked 31 minutes ago -
Assuming that the wave speed varies little when sound waves are
traveling through a material that...
asked 46 minutes ago -
The rise of online shopping and Amazon, in particular, has
created major dilemmas for large food/CPG...
asked 46 minutes ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 57 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 54 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 56 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 1 hour ago