Give true answer the accounting question On the first day of the fiscal year, a delivery truck with a list priceof $90,000 was acquired in exchange for an old delivery truckand $74,500 cash. The old truck had a cost of $60,000 and accumulateddepreciation of $42,000.a. Determine the cost of the new truck for financial reporting purposes.b. Journalize the entry to record the exchange.

a. To determine the cost of the new truck:1. First, let's find the book value of the old truck: *…

Answered: On the first day of the fiscal year, a…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 5CE: Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and...

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Financial Accounting
On the first day of the fiscal year, a new walk-in cooler with a list price of $51,300 was acquired in exchange for an old cooler and $40,600 cash. The old cooler had a cost of $44,000 and accumulated depreciation of $37,500. Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange.$fill in the blank 4a5f8d00f04b05f_1 b. Journalize the entry to record the exchange. If an amount box does not require an entry, leave it blank. Equipment (new) fill in the blank b9746ffc1fed022_2 fill in the blank b9746ffc1fed022_3 Accumulated Depreciation fill in the blank b9746ffc1fed022_5 fill in the blank b9746ffc1fed022_6 Equipment fill in the blank b9746ffc1fed022_8 fill in the blank b9746ffc1fed022_9 Gain on Exchange of Equipment fill in the blank b9746ffc1fed022_11 fill in the blank b9746ffc1fed022_12 Cash fill in the blank b9746ffc1fed022_14 fill in the blank b9746ffc1fed022_15
Assume that a town sells a truck that it had originally purchased for $65,000 for a cash sale price of $30,000. Required: Prepare the journal entry to record the sale.
On January 2, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $18,250 cash. 2. The machine is traded in for a new machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $60,200 cash price. A $15,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.
A truck was purchased via a bank loan for a cost of $75,000 with an estimated life of 10 years and a residual value of $1,000.Prepare the journal entries to record the purchase of the vehicle andprepare a journal entry for 1 month of depreciation
Accounting Prepare the journal entry to record the exchange of the delivery truck on December 1, 2018. 1) On December 1, 2018, ABC Co. exchanges an old delivery truck for a new truck. The old truck originally cost $40,000 on December 1, 2014 and has a current fair value of $4,750. The Accumulated Depreciation account related to the old delivery truck was $36,250 on the date of exchange. The new truck has a list price of $35,000. The dealer gave ABC Co. a $5,000 trade-in allowance. 2) For the below transactions, record the appropriate adjusting journal entry for amortization at year-end on December 31, 2020. If no entry is required, state so and explain why. a) McLaughlin Inc. purchased another company on July 1, 2020, and recorded Goodwill of $400,000. b) McLaughlin Inc. purchased a Patent for $18,000 on January 1, 2020. In addition, $9,000 was spent in legal costs on January 1, 2020, to successfully defend the Patent in court against competitors. The Patent has a legal life of 20…
On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,509 cash. 2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $14,509 cash. View transaction list No Date View journal entry worksheet General Journal Debit Credit X
On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value) of $75,000. Bentley Delivery received a trade-in allowance (fair market value) of $24,000 on an old truck of similar type and paid cash of $51,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $56,000;accumulated depreciation on December 31, the end of the preceding fiscal year, $35,000; annual depreciation, $7,000. Assuming that the exchange has commercial substance, journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and (b) the transaction on October 1.
Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
On January 2, Bering Company disposes of a machine costing $53,000 with accumulated depreciation of $28,551. Prepare the entries co record the disposal under each separate situation. 1. The machine is sold for $20,505 cash. 2. The machine is traded in for a new machine having a $69,500 cash price, A $25,237 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance 3. The machine is traded in for a new machine having a $69,500 cash price. A $18,928 trade in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $20,505 cash. View transaction list Journal entry worksheet
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
Please answer complete and properly

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