6. This machinery was acquired by trading in used machinery. Facts concerning the trade- in are as follows. a Cost of machinery traded (old machine) Accumulated depreciation to date of sale (old machine) Fair value of machinery traded (old machine) Cash received Fair value of machinery acquired (new machine) b $120,000 50,000 93,000 Record the journal entry for the above nonmonetary asset exchange for the following scenarios: The transaction has commercial substance. The transaction lacks commercial substance. 7,000 86,000

6. This machinery was acquired by trading in used machinery. Facts concerning the trade- in are as follows. a Cost of machinery traded (old machine) Accumulated depreciation to date of sale (old machine) Fair value of machinery traded (old machine) Cash received Fair value of machinery acquired (new machine) b $120,000 50,000 93,000 Record the journal entry for the above nonmonetary asset exchange for the following scenarios: The transaction has commercial substance. The transaction lacks commercial substance. 7,000 86,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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