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You have two clients that are considering trading machinery...
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other....
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance to allow them to record gains. Here are the facts: Client A Client B Original cost $105,500 $144,500 Accumulated depreciation 44,800 30,000 Fair...
Send to Gradebook Question 1 View Policies Current Attempt in Progress You have two clients that...
Send to Gradebook Question 1 View Policies Current Attempt in Progress You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value...
You have two clients that are considering trading machinery with each other. Although the machines are...
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A $106,800 38,300 95,000 (26,500) Client B...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value)...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $20,540 13,000 14,560 8,190 6,760 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Riverbed's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Accumulated Depreciation-Machinery 9380 Gain on Disposal of Machinery melter old Cash (To record exchange of the...
Accumulated Depreciation-Machinery 9380 Gain on Disposal of Machinery melter old Cash (To record exchange of the equipment.) Exchange lacks commercial substance: depreciation expense 938 Accumulated Depreciation-Equipment 938 (To record current depreciation.) Equipment Accumulated Depreciation-Equipment Gain on Disposal of Equipment Equipment cash (To record exchange of the equipment.) Exercise 10-18 Wildhorse Company purchased an electric wax melter on April 30, 2017, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase....
Could somebody help me with this? Stellar Company exchanged equipment used in its manufacturing operations plus...
Could somebody help me with this?
Stellar Company exchanged equipment used in its manufacturing
operations plus $3,720 in cash for similar equipment used in the
operations of Pearl Company. The following information pertains to
the exchange.
Question 5 View Policies Current Attempt in Progress Stellar Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Pearl Company. The following information pertains to the exchange. Stellar Co. Pearl Co. Equipment (cost)...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Exercise 10-19 Indigo Company exchanged equipment used in its manufacturing operations plus $4,26...
Exercise 10-19 Indigo Company exchanged equipment used in its manufacturing operations plus $4,260 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Indigo Co $39,760 26,980 17,750 4,260 Sweet Co. $39,760 14,200 22,010 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Kingbird Co $38,640 26,220 17,250 4,140 Oriole Co. $38,640 13,800 21,390 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Sunland Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment...
Sunland Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange. Equipment (cost) Sunland Co. $34,720 23.560 15,500 3,720 Coronado Co. $34,720 12,400 19,220 Accumulated depreciation Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance (Credit account titles are automatically indented when...
Concept for Analysis 10-4 You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance to allow them to record gains. Here are the facts: Client A Client B Original cost $105,500 $144,500 Accumulated depreciation 44,800 30,000 Fair...
Send to Gradebook Question 1 View Policies Current Attempt in Progress You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value...
You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Original cost Accumulated depreciation Fair value Cash received (paid) Client A $106,800 38,300 95,000 (26,500) Client B...
List price of new melter Cash paid Cost of old melter (5-year life, $910 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $20,540 13,000 14,560 8,190 6,760 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Riverbed's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
Accumulated Depreciation-Machinery 9380 Gain on Disposal of Machinery melter old Cash (To record exchange of the equipment.) Exchange lacks commercial substance: depreciation expense 938 Accumulated Depreciation-Equipment 938 (To record current depreciation.) Equipment Accumulated Depreciation-Equipment Gain on Disposal of Equipment Equipment cash (To record exchange of the equipment.) Exercise 10-18 Wildhorse Company purchased an electric wax melter on April 30, 2017, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase....
Could somebody help me with this?
Stellar Company exchanged equipment used in its manufacturing
operations plus $3,720 in cash for similar equipment used in the
operations of Pearl Company. The following information pertains to
the exchange.
Question 5 View Policies Current Attempt in Progress Stellar Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Pearl Company. The following information pertains to the exchange. Stellar Co. Pearl Co. Equipment (cost)...
Oriole Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Waterway Co. Co. $30,800 $30,800 Equipment (cost) 20,900 11,000 Accumulated depreciation Fair value of equipment 17,050 13,750 Cash given up 3,300 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Exercise 10-19 Indigo Company exchanged equipment used in its manufacturing operations plus $4,260 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Indigo Co $39,760 26,980 17,750 4,260 Sweet Co. $39,760 14,200 22,010 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically...
Kingbird Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Kingbird Co $38,640 26,220 17,250 4,140 Oriole Co. $38,640 13,800 21,390 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Sunland Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange. Equipment (cost) Sunland Co. $34,720 23.560 15,500 3,720 Coronado Co. $34,720 12,400 19,220 Accumulated depreciation Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance (Credit account titles are automatically indented when...
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