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Part 1. Deli Catering is trading in its old delivery truck for a new model. The...
Cedric Company recently traded in an older model of equipment for a new model. The old...
Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $191,000 (original cost of $421,000 less $230,000 in accumulated depreciation) and its fair value of the old equipment is $180,000. Cedric paid $61,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Cedric Company recently traded in an older model of equipment for a new model. The old...
Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $198,000 (original cost of $438,000 less $240,000 in accumulated depreciation) and its fair value was $220,000. Cedric paid $62,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet...
Cedric Company recently traded in an older model computer for a new model. The old model’s...
Cedric Company recently traded in an older model computer for a new model. The old model’s book value was $288,000 (original cost of $628,000 less $340,000 in accumulated depreciation) and its fair value was $320,000. Cedric paid $72,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the exchange of assets. Note: Enter...
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.
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...
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old...
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2004. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a market value of $14,000. In addition, Fiene paid $45,500 cash for the new truck, which had a list price of $63,000. The exchange had commercial substance. At what amount should Fiene...
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...
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 $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...
Q1. (25 marks) Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a...
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 accounting procedures involved for...
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...
Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $191,000 (original cost of $421,000 less $230,000 in accumulated depreciation) and its fair value of the old equipment is $180,000. Cedric paid $61,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $198,000 (original cost of $438,000 less $240,000 in accumulated depreciation) and its fair value was $220,000. Cedric paid $62,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet...
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...
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...
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...
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 accounting procedures involved for...
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