Debit Credit Cash $5,000 Accumulated Depreciation-Equipment $1,200 Accounts Receivable 5,000 Accounts Payable 3,400 Inventory 1,800 Owner's Capital 28,200 Equipment 21,000 $32,800 $32,800 *(3,000 x $0.60)

Debit Credit Cash $5,000 Accumulated Depreciation-Equipment $1,200 Accounts Receivable 5,000 Accounts Payable 3,400 Inventory 1,800 Owner's Capital 28,200 Equipment 21,000 $32,800 $32,800 *(3,000 x $0.60)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 6MC: Ashton Company exchanged a nonmonetary asset with a cost of 30,000 and accumulated depreciation of...

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Question

Debit
Credit
Cash
$5,000
Accumulated Depreciation-Equipment
$1,200
Accounts Receivable
5,000
Accounts Payable
3,400
Inventory
1,800
Owner's Capital
28,200
Equipment
21,000
$32,800
$32,800
*(3,000 x $0.60)

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