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Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange...
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions....
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment Cash Book Value Fair Value Received Equipment A $75,000 $80,000 $12,000 Equipment B $60,000 $56,000 $10,000 For Equipment A. Pensacola would record the new equipment at: $68.000 $63.250. $67.250. $80,000 Question 2 (1 point) P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the land were $106,000...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
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.
Problem 4. Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had...
Problem 4. Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance. Problem 4. Ford Inc. exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and...
Prepare the journal entries necessary to record the exchange, assuming (a) has commercial substance, and (b)...
Prepare the journal entries necessary to record the exchange,
assuming (a) has commercial substance, and (b) lacks commercial
substance.
*Practice Exercise 10-4 Marin Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Marin traded in its existing machine and paid cash in the transaction. The details of the transaction are as follows: • List price of new freezer • Cash paid • Cost of old machine (4-year life, $1,170 salvage value) • Accumulated depreciation-old machine (straight-line)...
Unelary exchange (L010-6] The Tinsley Company exchanged land that it had been holding for future plant...
Unelary exchange (L010-6] The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $30,000. According to an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete the transaction Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2....
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book...
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance.
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.
The Tinsley Company exchanged land that it had been holding for future plant expansion for a...
The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $100,000. According to an independent appraisal, the land currently is worth $240,000. Tinsley paid $33,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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...
Question 1 (1 point) Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. Old Equipment Cash Book Value Fair Value Received Equipment A $75,000 $80,000 $12,000 Equipment B $60,000 $56,000 $10,000 For Equipment A. Pensacola would record the new equipment at: $68.000 $63.250. $67.250. $80,000 Question 2 (1 point) P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the land were $106,000...
Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance. old Equipment Book Value Fair Value $75,000 $ 80,000 $60,000 $56,000 Cash Received $ 12,000 $10,000 Equipment A Equipment B For Equipment A, Pensacola would record the new equipment at:
Prepare the journal entries necessary to record the exchange,
assuming (a) has commercial substance, and (b) lacks commercial
substance.
*Practice Exercise 10-4 Marin Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Marin traded in its existing machine and paid cash in the transaction. The details of the transaction are as follows: • List price of new freezer • Cash paid • Cost of old machine (4-year life, $1,170 salvage value) • Accumulated depreciation-old machine (straight-line)...
Unelary exchange (L010-6] The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $30,000. According to an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete the transaction Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2....
Ford Inc, exchanged land and $7,500 cash for material handling equipment. The land had a book value of $75,000 and a fair value of $105,000. Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance 2. Prepare the journal entry to record the exchange. Assume the exchange lacks commercial substance.
The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $100,000. According to an independent appraisal, the land currently is worth $240,000. Tinsley paid $33,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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