anuary 5th Problem: Traded in all of used computer equipment with a fair value of $13,200,000., and received in exchange new computer equipment (useful life: 10 years, salvage value: 1,947,040) with a fair value of $8,000,000 plus cash of $500,000. Double-declining method will be used.
anuary 5th Problem: Traded in all of used computer equipment with a fair value of $13,200,000., and received in exchange new computer equipment (useful life: 10 years, salvage value: 1,947,040) with a fair value of $8,000,000 plus cash of $500,000. Double-declining method will be used.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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January 5th Problem: Traded in all of used computer equipment with a fair value of $13,200,000., and received in exchange new computer equipment (useful life: 10 years, salvage value: 1,947,040) with a fair value of $8,000,000 plus cash of $500,000. Double-declining method will be used.
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Transcribed Image Text:I
1
2
3
4
nuary
5th
Computer Equipment - New
Accumulated Depreciation - Computer Equiment
Cash
$11,947,059
100,000
500,000
Computer Equipment
Computer Equipment - Old
Gain on Disposal - Computer Equipmen
12,500,000
$12,500,000
47,059
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