Problem 23-4 (AICPA Adapted) Wilbur Company traded a used equipment for a newer model with a dealer. Old equipment: Original cost Accumulated depreciation Average retail price New equipment: 800,000 600,000 170,000 List price Cash price without trade in Cash payment with trade in Required: 1,000,000 900,000 780,000 Prepare journal entry to record the exchange transaction.
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- Don't give answer in imageHow much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00PLS SHOW SOLUTIONS
- 8Extract of balances as at 30 June 2024: Inventory Bank (positive) Trade receivables control Vehicles at cost R R106,800 R293,600 R199,200 R708,200 Equipment at cost R209,300 Factory building at cost R575,100 Accumulated depreciation: Vehicles R41,700 Accumulated depreciation: Equipment R68,400 Allowance for credit losses R3,000 Trade payables control R119,800 Capital: Khanyisa R431,500 Capital: Zinhle R246,700 Current account: Khanyisa (Cr: 1 July 2023) R13,300 Current account: Zinhle (Dr: 1 July 2023) R9,400 2. Supplementary information: 2.1 Details of the partnership agreement between the partners: Time left 1:31:46 2.1.1 An annual interest rate of 6% is applied to the opening balances of the partners' capital and current accounts. 2.1.2 Profits and losses are shared equally between Khanyisa and Zinhle. 2.1.3 The monthly salaries to which the partners are entitled are R15 000 and R20 000 for Khanyisa and Zinhle respectively. As of 30 June 2024, the salaries paid to the partners were…Recording an Asset Exchange Science Center trades an electron microscope with an original cost of $480,000 and accumulated depreciation of $192,000 for new optical equipment. The old equipment has a fair market value of $384,000 at trade-in time, and Science Center receives $72,000 cash on the trade-in. The transaction lacks commercial substance. Prepare the entry for Science Center to record the exchange. Note: Round your answers to the nearest whole number. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). Account Name Dr. Cr. Cash Answer Answer Equipment (new) Answer Answer AnswerCashPrepaid InsuranceEquipmentBuildingLandConstruction in ProcessAccumulated DepreciationAccounts PayableProperty Tax PayableAsset Retirement ObligationNote PayableDiscount on Note PayableCommon StockPaid-in Capital in Excess of Par—Common StockContribution…
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…Please do not give solution in image format thanku19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000.The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,290
- given up. Exchanges Busic steps in recording nonmonetary asset exchanges: Step 1: Record the new aset af fuir value, Step 2. Remove the book yalueof the nonmoctary asset given. Step 3: Record any eash received or paid. Step 4: Record any guin or loss. Knowledge Check 01 If a company exchanges an asset with a book value of $260,000, an original cost of $500,000, and a fair value of $300,000 plus cash of $100,000 for a new asset, what is the gain or loss recognized on the transaction? 9 of 13 Next >Question 1 The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Date Current Accumulated Purchased: depreciation depreciation Make and Toyota Hilux 31 Dec 21 333.33 21 333.33 reg.: 2014 (FG765GP) 2015 Purchased Benji's Car Sales 31 Dec 29 866.67 51 200.00 from: (Credit) 2016 Cost Price: 320 000.00 31 Dec 26 880.00 78 080.00 2017 Rate of 10% according 31 Dec 24 192.00 102 272.00 Depreciation: to reducing 2018 balance method. Sold to: V. Limited. 31 Dec 2019 Type of Sale: Cash Date sold: 1 July 2019 Selling Price: 250 000.00equipment of Frown Company. The following information Smile Company exchanged used equipment for another pertains to the exchange: Smile Frown Equipment Accumulated depreciation Fair value of equipment 2,400,000 2,000,000 500,000 2,200,000 1,750,000 500,000 Required: Prepare journal entry on the books of Smile and Frown.SEE MORE QUESTIONS