A company owns equipment that had cost $45,200 and has accumulated depreciation of $19,800. The company exchanges the equipment for a newer model that has a market value of $54,000. Required: 1. Record the exchange assuming the company paid $31,400 cash and the exchange has commercial substance. 2. Record the exchange assuming the company paid $23,400 cash and the exchange has commercial substance. View transaction list Journal entry worksheet B Record the exchange assuming the company paid $31,400 cash and the exchange has commercial substance. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >

A company owns equipment that had cost $45,200 and has accumulated depreciation of $19,800. The company exchanges the equipment for a newer model that has a market value of $54,000. Required: 1. Record the exchange assuming the company paid $31,400 cash and the exchange has commercial substance. 2. Record the exchange assuming the company paid $23,400 cash and the exchange has commercial substance. View transaction list Journal entry worksheet B Record the exchange assuming the company paid $31,400 cash and the exchange has commercial substance. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >

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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