Homework Answers
| Account titles & Explanation | Debit | Credit | ||||||
| office Equipment | 5300 | |||||||
| Accumulated depreciation | 3,180 | |||||||
| loss on exchange | 4,240 | |||||||
| Welding machine | 9,540 | |||||||
| Cash | 3,180 | |||||||
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Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with...
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...
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...
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...
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
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...
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...
Riverbed Corporation wishes to exchange a machine used in its operations. Riverbed has received the following...
Riverbed Corporation wishes to exchange a machine used in its operations. Riverbed has received the following offers from other companies in the industry. 1. Marin Company offered to exchange a similar machine plus $24,380. (The exchange has commercial substance for both parties.) 2. Headland Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sage Company offered to exchange a similar machine, but wanted $3,180 in addition to Riverbed’s machine. (The exchange has commercial...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
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...
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...
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...
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
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...
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...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
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