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Crane Company traded in a manual pressing machine for an automated pressing machine and gave $41500...
Nirvana Company traded in a automatic pressing machine for a manual pressing machine owned by Dodson...
Nirvana Company traded in a automatic pressing machine for a manual pressing machine owned by Dodson Company. These machines have similar future cash flows. Nirvana's old machine cost $271,122 and had a net book value of $179,037. The old machine had a fair value of $192,892. They received $30000 boot in the deal. What is the amount of gain or loss from this transaction? If you calculate a loss, use a minus sign, i.e. -8000. If you determine the gain...
Crane Corporation wishes to exchange a machine used in its operations. Crane has received the following...
Crane Corporation wishes to exchange a machine used in its operations. Crane has received the following offers from other companies in the industry. 1. Cheyenne Company offered to exchange a similar machine plus $32,200. (The exchange has commercial substance for both parties.) 2. Ayayai Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Pina Company offered to exchange a similar machine, but wanted $4,200 in addition to Crane’s machine. (The exchange has commercial...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $247500, it is exchanged for a machine with a fair value of $1215000 and the proper amount of cash is paid. The exchange had commercial substance The gain to be recorded on the exchange is $0 $67500 $135000 $45000
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in are as follows. Co...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash 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...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash 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...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash 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.) Account Titles and Explanation Debit...
A machine cost $1080000, has annual depreciation of $180000, and has accumulated depreciation of $855000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $247500, it is exchanged for a machine with a fair value of $1215000 and the proper amount of cash is paid. The exchange had commercial substance The gain to be recorded on the exchange is $0 $67500 $135000 $45000
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash 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...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash 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...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash 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.) Account Titles and Explanation Debit...
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