Hailstorm Irelamd exchanged a three year old truck for a new truck that had a list...
Hailstorm Irelamd exchanged a three year old truck for a new truck that had a list price of $50,000 which was its fair value. the old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. in addition to the $45,000 trade in given for the old truck. HI paid $8,000 cash to complete the deal. record asset exchange with all necessary calculations.
Homework Answers
Answer : To record Journal for exchange of asset :-
| Date | Account title | Debit | Credit |
| New truck | $50,000 | ||
| Accumulated depreciation | $25,000 | ||
| Old truck | $65,000 | ||
| Cash | $8,000 | ||
| Gain (balancing figure) | $2,000 |
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Hailstorm Irelamd exchanged a three year old truck for a new
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Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a list price of $50,000, which was its fair value. The old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. In addition to the $45,000 trade-in given for the old truck, HI paid $8,000 cash to complete the deal Record the asset exchange with all necessary calculations Refer to the class lecture, elaborate the accounting procedures involved for asset disposal through...
Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a list price of...
Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a list price of $50,000, which was its fair value. The old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. In addition to the S45,000 trade-in given for the old truck, HI paid $8,000 cash to complete the deal. Record the asset exchange with all necessary calculations Refer to the class lecture, elaborate the accounting procedures involved for asset disposal through...
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ans it fast plz
Q1. (25 marks) Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a list price of $50,000, which was its fair value. The old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. In addition to the $45,000 trade-in given for the old truck, HI paid $8,000 cash to complete the deal. Record the asset exchange with all necessary calculations Refer to the class lecture, elaborate the...
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