Homework Answers
Journal entries are as prepared below:
| Date | Particulars | L.F | Amount ($) | Amount ($) |
| 2013 | ||||
| Apr-01 | Depreciation Expense (28,000*3/12) | 7000 | ||
| Accumulated dep | 7000 | |||
| (For machine depreciated for 3 months) | ||||
| Apr-01 | Equipment | 168,000 | ||
| Accumulated depreciation (Book Value) | 77,000 | |||
| Machine (Book Value) | 140,000 | |||
| Cash | 105,000 | |||
| (For equipment exchanged) |
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Ex. 10-134-Nonmonetary exchange cost $140,000, has annual depreciation A machine expense of $28,000, and has accumulated...
Ex. 10-134-Nonmonetary exchange. A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated...
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Ex. 10-134-Nonmonetary exchange. A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000, it is exchanged for a similar machine with a fair value of $168,000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions Prepare all entries that are necessary at April 1, 2013.
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A machine cost $228,600, has annual depreciation expense of $45,720, and has accumulated depreciation of $114,300 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $89,470, it is exchanged for a similar machine with a fair value of $280,700 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered....
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