Homework Answers
| The cost basis of the new asset is thefar Market value of the asset acquired when the transaction has Commercial Subustance. |
| Cost basis of the new Asset = $67092 |
| Option 4 is correct |
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A fixed asset with a cost of $36,849 and accumulated depreciation of $33,164 is traded for...
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
1. Equipment with a cost of $165,850.00 has an estimated residual value of $9,461.00 and an...
1. Equipment with a cost of $165,850.00 has an estimated residual value of $9,461.00 and an estimated life of 3 years or 15,058 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,118 hours? Select the correct answer. A.$3.00 B.$32,382.85 C.$50.16 D.$52,129.67 2. A fixed asset with a cost of $23,712 and accumulated depreciation of $21,341 is traded for a similar asset...
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...
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...
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for...
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for $5,888.12. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,463.60 loss $2,424.52 loss $3,463.60 gain $2,424.52 gain
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with...
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with a fair value of $4,488. Concord also paid $680 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with...
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of $3,564. Martinez also paid $540 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit
Brief Exercise 10-8 Sheffield Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a...
Brief Exercise 10-8 Sheffield Corporation
traded a used truck (cost $21,200, accumulated depreciation
$19,080) for a small computer with a fair value of $3,498.
Sheffield also paid $530 in the transaction. Prepare the journal
entry to record the exchange. (The exchange has commercial
substance.) (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Brief Exercise 10-8 Sheffield...
Blue Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360) for a small computer with...
Blue Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360) for a small computer with a fair value of $3,366. Blue also paid $510 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a f...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
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...
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...
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with a fair value of $4,488. Concord also paid $680 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of $3,564. Martinez also paid $540 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit
Brief Exercise 10-8 Sheffield Corporation
traded a used truck (cost $21,200, accumulated depreciation
$19,080) for a small computer with a fair value of $3,498.
Sheffield also paid $530 in the transaction. Prepare the journal
entry to record the exchange. (The exchange has commercial
substance.) (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Brief Exercise 10-8 Sheffield...
Blue Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360) for a small computer with a fair value of $3,366. Blue also paid $510 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
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