Corp. traded in a manual pressing machine for an automated pressing machine and gave $46500 cash. The old machine cost $478000 and had a net book value of $343000. The old machine had a fair value of $310000. Which of the following is the correct journal entry to record the exchange assuming commercial substance? Equipment   659500         Accumulated Depreciation       135000     Equipment       478000     Cash       46500 Equipment   356500         Equipment       310000     Cash       46500  Equipment   356500

Q: Required information [The following information applies to the questions displayed below.] Case A.…

A: Case A:1.1) Kapono has received a loss of $9,800.1.2)The initial value of the new tractor is…

Q: Rocky Company trades equipment with a book value of $24,970 for new equipment with a list price of…

A: Step 1: Definition of Trade-in:Trade-in is like exchange wherein an asset is acquired by exchanging…

Q: Shamrock Corporation exchanged equipment used in its manufacturing operatio Ltd. The following…

A: As the exchange lacks commercial substance, the new equipment would be debited with sum of book…

Q: cash and a machine to another com

A: Journal entry refers to recording of the transactions of the business into the books of accounts and…

Q: Provide Correct answer of this one

A: To determine the gain or loss on the trade-in of equipment, we need to compare the book value of the…

Q: Hot Company exchanges an automobile machine with a carrying amount of $135,000 ( original cost ,…

A: As per IAS 16 PPE When PPE are acquired for exchange of another ppe, the same should be valued at…

Q: machine had cost of P600,000, book value of P300,000 and market value of P320,000 at the time of…

A: According to the Security Exchange Commission -Fair Value refers to the price received to sell an…

Q: Cedric Company recently traded in an older model of equipment for a new model. The old model's book…

A: Asset refers to a resource that has an economic value and is employed in the operations to earn…

Q: Swifty Corporation purchased equipment for $43200. Sales tax on the purchase was $2592. Other costs…

A: The cost of fixed assets  includes several components. Here are the various elements that make up…

Q: Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800. Record the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Asset exchange with commercial substanceln 2015, Malawi Inc. exchanged equipment for two delivery…

A: Journal Entries Journal Entries are used to record all the financial transactions in a business. It…

Q: Sandhill Manufacturing has equipment that cost $654000 and has accumulated depreciation of $284000.…

A: Gain or loss on sale of asset is the difference between sale value of asset and book value of asset…

Q: A company trades a truck which cost $20,000 and has accumulated depreciation of $6,000, for a new…

A: The traded in of an asset is a financial transaction in which an old asset is disposed off for the…

Q: Cedric Company recently traded in an older model of equipment for a new model. The old model's book…

A: Lets understand the basics.When asset is exchange against another assets and fair value of new asset…

Q: Bacon Company acquired new machinery with a price of $14,050 by trading in similar old machinery and…

A: Net book value = Cost - accumulated depreciation = $9,058 - $7,246 = $1,812

Q: Davis Company exchanged an old machine with a cost of $120,000, total accumulated depreciation of…

A: The exchange refers to the situation where old assets are exchanged with new assets. The new…

Q: Do you solve this pls

A: To determine the gain or loss on the trade-in of equipment, we need to compare the book value of the…

Q: Windsor Ltd. traded a used truck (cost $31,100, accumulated depreciation $27,990, fair value $1,720)…

A: Cost of new truck can be arrived at in the following manner:Cost of new truck = Amount paid for new…

Q: pharoah manufacturing has equipment that costs $657000 and has accumulated depreciation of $285000.…

A: Gain: It implies a gradual increase in the value of investments or assets held by the business. The…

Q: Cedric Company traded in an old model computer for cleaning equipment.. The old model's book value…

A: The question is based on the concept of Property Plant and Equipment.When assets are exchanged then…

Q: Based on the information in the screenshot for CASE I, what value should equipment be recorded at,…

A:

Q: During the current year, Ayayai Construction Ltd. traded an old crane that had a book value of…

A: Exchange of assets refers to transactions where one entity swaps one asset for another. Accounting…

Q: Marigold Corp. received $135000 in cash and a used computer with a fair value of $303000 from…

A: Formula: Gain on exchange = Cash received on exchange + fair value of computer - Undepreciated.…

Q: JK Corp traded some used Machinery with book value of $60,000 (accumulated depr $50,000) and a FMV…

A: Formulas:

Q: Equipment that cost $380,500 and has accumulated depreciation of $319,500 is exchanged for equipment…

A: Depreciation is the decrement in the value of tangible assets by the wear and tear during the…

Q: Pina Colada Corp. exchanges old delivery equipment for new delivery equipment. The book value of the…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Asset Traded for Similar Asset A printing press priced at a fair market value of $606,400 is…

A: When one assets is given in exchange of new assets is bought in , then price at which old assets is…

Q: E10-12 Exchange of Assets Goodman Company acquired a truck from Harmes Company in exchange for a…

A: Journal entry for Goodman to record the exchange: S. No. Account Titles and Description Debit…

Q: Question: A company purchased equipment valued at $238,000. It traded in old equipment for a…

A: When fixed assets are being purchased for the business, it can be for cash or by exchanging some old…

Q: Below is the information relative to an exchange of assets by Oriole Company. The exchange lacks…

A: Value of equipment record:

Q: Rocky Company trades equipment with a book value of $24.970 for new equipment with a list price of…

A: The Difference Between cost of the asset with sale value are considered for  computing gain or loss.

Q: Sage Hill Inc. traded a used vehicle (cost $25,000, accumulated depreciation $22,000) for another…

A: JOURNAL ENTRY A journal entry records a business transaction in the accounting system of an…

Q: Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth…

A: Following are the answers to the given questions

Q: *E9-15B Presented below are two independent transactions. Both transactions have commercial…

A: "Commercial substance in exchange for an asset" refers to a transaction in which the economic…

Q: Required information P8-1 (Algo) Explaining the Nature of a Long-Lived Asset and Determining and…

A: The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Q: On March 31, 2005 JJ Enterprise traded in an old machine having a carrying amount of P1,600,000 and…

A: Total loss recognized on exchange = carrying amount of old machine + cash paid -  total cash price…

Q: PB-1 (Algo) Explaining the Nature of a Long-Lived Asset and Determining and Recording the Financial…

A: Whenever any transaction occurs, it is recorded by the organization in its accounting books. The…

Q: Farm Fresh Agriculture Company purchased Sunny Side Egg Distribution for $400,000 cash when Sunny…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: [The following information applies to the questions displayed below.] Onslow Company purchased a…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: Miley Corp. exchanges old equipment that costs $12,000 (accumulated depreciation of $5,400) for new…

A: Honor Code- Since you have posted a question with multiple sub parts, we will provide the solution…

Q: Riverbed Corporation exchanged equipment used in its manufacturing operations for equipment used in…

A:

Q: ABC Co. exchanged a used machine with XYZ Co. for a similar machine with less use. ABC Co. machine…

A: When assets are acquired through exchange with similar assets that are considered as non-monetary…