![Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporati](http://img.homeworklib.com/questions/c315d980-3089-11ea-80fe-219a68f0785d.png?x-oss-process=image/resize,w_560)
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Problem 10-7 Nonmonetary exchange [LO10-6] On September 3, 2018, the Robers Company exchanged equipment with Phifer...
On September 3, 2016, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2016, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 200,000 $ 220,000 Accumulated depreciation 119,000 127,000 Fair value 99,000 78,000 To equalize the exchange, Phifer paid Robers $21,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $ 165,000 91.ee 88. see Phifer's Asset $185.000 99.99 74,500 To equalize the exchange. Phifer paid Robers $14.000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transactlon/event, select "No journal entry required" In the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 155,000 $ 175,000 Accumulated depreciation 83,000 91,000 Fair value 85,500 73,500 To equalize the exchange, Phifer paid Robers $12,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 210,000 $ 230,000 Accumulated depreciation 127,000 135,000 Fair value 102,000 79,000 To equalize the exchange, Phifer paid Robers $23,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:To equalize the exchange, Phifer paid Robers $5,000 in cash.Required:Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 195,000 $ 215,000 Accumulated depreciation 115,000 123,000 Fair value 97,500 77,500 To equalize the exchange, Phifer paid Robers $20,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
E10.19B (L0 3) (Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6,000...
E10.19B (L0 3) (Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange: Mathews Co. Biggio Co. Equipment (cost) $56,000 $56,000 Accumulated depreciation 38,000 20,000 Fair value of equipment 25,000 31,000 Cash given up 6,000 Instructions Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. Prepare...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for...
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for equipment with a fair value of $96,000 and $24,000 cash is received. The exchange lacked commercial substance. Instructions (a) Show the calculation of the gain to be recognized from the exchange. (b) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment.
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange...
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Equipment (original cost) $60,000 $70,000 Accumulated depreciation 20,000 24,000 Fair value 36.000 48,000 Cash exchanged 112,000) 12,000 Support Answer the following questions, rounding your answers to the nearest whole number, a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction...
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $ 165,000 91.ee 88. see Phifer's Asset $185.000 99.99 74,500 To equalize the exchange. Phifer paid Robers $14.000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transactlon/event, select "No journal entry required" In the...
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:To equalize the exchange, Phifer paid Robers $5,000 in cash.Required:Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
Ex. 10-135—Nonmonetary exchange. Equipment that cost $240,000 and has accumulated depreciation of $189,000 is exchanged for equipment with a fair value of $96,000 and $24,000 cash is received. The exchange lacked commercial substance. Instructions (a) Show the calculation of the gain to be recognized from the exchange. (b) Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment.
Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Equipment (original cost) $60,000 $70,000 Accumulated depreciation 20,000 24,000 Fair value 36.000 48,000 Cash exchanged 112,000) 12,000 Support Answer the following questions, rounding your answers to the nearest whole number, a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction...
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