1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had originally cost $40,000 and has a book value of $12,000. 2. Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally cost $35,000. 3. Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had originally cost $13,000 and has a book value of $11,000. 4. Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a "blue book" value of $16,800. In addition, the company received $1,000 cash.
1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had originally cost $40,000 and has a book value of $12,000. 2. Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally cost $35,000. 3. Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had originally cost $13,000 and has a book value of $11,000. 4. Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a "blue book" value of $16,800. In addition, the company received $1,000 cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bremer Company made the following exchanges of assets during 2019: Prepare Bremer's
![1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had
originally cost $40,000 and has a book value of $12,000.
2. Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally
cost $35,000.
3. Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had
originally cost $13,000 and has a book value of $11,000.
4. Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a
"blue book" value of $16,800. In addition, the company received $1,000 cash.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd256e55d-0b7b-410a-90a0-9d0463ed1fb4%2Fafa7bc3b-1d53-4b95-966a-27e62938036a%2Foqvhrbh.png&w=3840&q=75)
Transcribed Image Text:1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had
originally cost $40,000 and has a book value of $12,000.
2. Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally
cost $35,000.
3. Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had
originally cost $13,000 and has a book value of $11,000.
4. Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a
"blue book" value of $16,800. In addition, the company received $1,000 cash.
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