On the first day of the fiscal year, a new walk-in cooler with a list price of $47,300 was acquired in exchange for an old cooler and $41,400 cash. The old cooler had a cost of $41,000 and accumulated depreciation of $39,000. Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange. b. Journalize the entry for the exchange. If an amount box does not require an entry, leave it blank.

On the first day of the fiscal year, a new walk-in cooler with a list price of $47,300 was acquired in exchange for an old cooler and $41,400 cash. The old cooler had a cost of $41,000 and accumulated depreciation of $39,000. Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange. b. Journalize the entry for the exchange. If an amount box does not require an entry, leave it blank.

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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