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EXtra credr Sample Non-monetary Exchange Questions 10 poinTs # to 16 Exchange has commercial substance "18...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000;...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
Acquisition by Exchange transaction
On January 1, 2020, Ogiso Company exchanged its old delivery truck with Martin Dealers Inc, for a brand new equipment. The following information pertains to the delivery truck OgisoOriginal cost 500,000Accumulated depreciation ...
International Inc. and Jodstar are exchanging productive assets. The exchange lacks commercial substance. Jodstar paid I...
International Inc. and Jodstar are exchanging productive assets. The exchange lacks commercial substance. Jodstar paid International $8,000 boot. Here is the information on the assets being exchanged: International – Asset I Jodstar – Asset J Original cost 50,000 50,000 Accumulated depreciation 19,000 25,000 Fair value 40,000 32,000 Potential gain (loss) Record the entry for each party to record the exchange: International entry to record acquisition of asset J: Jodstar entry to record acquisition of Asset I:
In 2018, Vega Corporation and Sarkissian Company engaged in the following exchange of assets: Vega gave...
In 2018, Vega Corporation and Sarkissian Company engaged in the following exchange of assets: Vega gave up a small widget cutter with a cost of $40,000 and accumulated depreciation of $28,000 to acquire a deluxe widget cutter from Sarkissian Company. The deluxe widget cutter cost Sarkissian $100,000, has a book value of $25,000, and a fair value of $9,000. Vega also paid Sarkissian $2,000 cash. Vega acquired a delivery truck from Sarkissian in exchange for a packaging machine. The machine...
Question Help Probst Company exchanged a used machine with a book value of $26,100 (cost $54,300...
Question Help Probst Company exchanged a used machine with a book value of $26,100 (cost $54,300 less $28,200 accumulated depreciation) and cash of $8,400 for a delivery truck. The machine is estimated to have a fair market value of $35,900. The cash flows related to the truck will be different from the cash flows generated from the use of the machine. Requirement Prepare the journal entry to record the exchange on the books of the Probst Company. (Record debits first,...
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...
10. (8 marks) a) Matti Auto traded one of its used storage trailers (cost $50,000, accumulated...
10. (8 marks) a) Matti Auto traded one of its used storage trailers (cost $50,000, accumulated depreciation $36,000) and a fair value of $20,000 for another used trailer. Matti also pays $1,600 cash. Prepare the journal entry to record the exchange using the fair value standard. (use the form on the next page) b) Using the same data as part a, prepare the journal entry to record the exchange assuming there is no commercial substance.
This is chapter 9 from Accounting 2301. The company purchased equipment on October 1, 2011 for $38,000 and paid an addi...
This is chapter 9 from Accounting 2301.
The company purchased equipment on October 1, 2011 for $38,000
and paid an additional $2,000 to have it properly installed.
Residual value is $5,000 and the estimated life is 10 years.
1. Calculate the depreciation expense for the year ended December
31, 2011 using straight line depreciation.
A. 875
B. 1,035
C. 3,500
D. 2,000
2. Record the expense in #1 with a journal entry.
A. Accumulated Depreciation 875; Depreciation Expense 875.
B....
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (...
For each company, prepare the necessary 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.) Bramble Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
Exchange has commercial substance 18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company.
Question Help Probst Company exchanged a used machine with a book value of $26,100 (cost $54,300 less $28,200 accumulated depreciation) and cash of $8,400 for a delivery truck. The machine is estimated to have a fair market value of $35,900. The cash flows related to the truck will be different from the cash flows generated from the use of the machine. Requirement Prepare the journal entry to record the exchange on the books of the Probst Company. (Record debits first,...
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...
10. (8 marks) a) Matti Auto traded one of its used storage trailers (cost $50,000, accumulated depreciation $36,000) and a fair value of $20,000 for another used trailer. Matti also pays $1,600 cash. Prepare the journal entry to record the exchange using the fair value standard. (use the form on the next page) b) Using the same data as part a, prepare the journal entry to record the exchange assuming there is no commercial substance.
This is chapter 9 from Accounting 2301.
The company purchased equipment on October 1, 2011 for $38,000
and paid an additional $2,000 to have it properly installed.
Residual value is $5,000 and the estimated life is 10 years.
1. Calculate the depreciation expense for the year ended December
31, 2011 using straight line depreciation.
A. 875
B. 1,035
C. 3,500
D. 2,000
2. Record the expense in #1 with a journal entry.
A. Accumulated Depreciation 875; Depreciation Expense 875.
B....
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