Homework Answers
| Initial value of new pickup | ||||
| Fair Value of tractor given | $ 17,000 | |||
| Add: Cash Paid | $ 8,000 | |||
| Initial value of new tractor | $ 25,000 | |||
| Loss on exchange of assets | |||||
| Original Cost Of Truck | $ 65,000 | ||||
| Less: Accumulated Depreciation | $ 45,000 | ||||
| Book Value Of Tractor | $ 20,000 | ||||
| Less: Fair Value | $ 17,000 | ||||
| Loss On Exhange | $ 3,000 | ||||
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Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $24,000 (original cost of $71,000 less accumulated depreciation of $47,000) and $30,000, respectively. Assume Calaveras paid $5,000 in cash and the exchange lacks commercial substance. (1) At what amount will Calaveras value the pickup trucks? (2) How much gain or loss will the company recognize on the exchange? (1) Value of pickup trucks (2) Loss on exchange
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $29,000 (original cost of $78,500 less accumulated depreciation of $49,500) and $37,500, respectively. Assume Calaveras paid $7,500 in cash and the exchange lacks commercial substance. (1) At what amount will Calaveras value the pickup trucks? (2) How much gain or loss will the company recognize on the exchange?
Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the fair...
Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the fair value of the old equipment were $81,400 and $90,800, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of: $(9,400). $ 9,400. $ 0. $28,100.
Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair...
Alamos Co. exchanged equipment and $18,300 cash for similar equipment. The book value and the fair value of the old equipment were $80,100 and $90,100, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of: Multiple Choice $(10,000). $10,000. $0. $28,300.
View previous attempt Alamos Co. exchanged equipment and $17,000 cash for similar equipment. The book value...
View previous attempt Alamos Co. exchanged equipment and $17,000 cash for similar equipment. The book value and the fair value of the old equipment were $80,600 and $90,700, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of: Multiple Choice • $0 0 $(10,100). 0 $27,100. 0 $10,100.
The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old...
The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38,000 less accumulated depreciation of $21,000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $550,000 and...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38,000 less accumulated depreciation of $21,000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $550,000 and...
Required information The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged...
Required information The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38.000 less accumulated depreciation of $21.000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old...
[The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38,000 less accumulated depreciation of $21,000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $550,000 and...
China Inn and Midwest Chicken exchanged assets. China Inn received a dellvery truck and gave equipment....
China Inn and Midwest Chicken exchanged assets. China Inn received a dellvery truck and gave equipment. The fair value and book value of the equipment were $17,000 and $10,000 (original cost of $35,000 less accumulated depreciation of $25,000), respectively To equalize market values of the exchanged assets, China Inn paid $8,000 in cash to Midwest Chicken. 1. At what amount did China Inn record the delivery truck? Delivery truck 2. How much gain or loss did China Inn recognize on...
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $24,000 (original cost of $71,000 less accumulated depreciation of $47,000) and $30,000, respectively. Assume Calaveras paid $5,000 in cash and the exchange lacks commercial substance. (1) At what amount will Calaveras value the pickup trucks? (2) How much gain or loss will the company recognize on the exchange? (1) Value of pickup trucks (2) Loss on exchange
View previous attempt Alamos Co. exchanged equipment and $17,000 cash for similar equipment. The book value and the fair value of the old equipment were $80,600 and $90,700, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of: Multiple Choice • $0 0 $(10,100). 0 $27,100. 0 $10,100.
Required information The following information applies to the questions displayed below.] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17,000 (original cost of $38.000 less accumulated depreciation of $21.000) and a fair value of $10,000. Kapono paid $30,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of...
China Inn and Midwest Chicken exchanged assets. China Inn received a dellvery truck and gave equipment. The fair value and book value of the equipment were $17,000 and $10,000 (original cost of $35,000 less accumulated depreciation of $25,000), respectively To equalize market values of the exchanged assets, China Inn paid $8,000 in cash to Midwest Chicken. 1. At what amount did China Inn record the delivery truck? Delivery truck 2. How much gain or loss did China Inn recognize on...
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