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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- Lecherous Company traded a used equipment for a newer Old equipment: Original cost Accumulated depreciation Fair value – unknown 1,000,000 600,000 New equipment: List price Cash price without trade in Cash payment with trade in 1,600,000 1,400,000 980,000 Required: Prepare journal entry to record the exchange transaction.P1,000,000 for another used equipment with fair v Prepare journal entries to record the transactions. Smile Company exchanged used equipment for anofe equipment of Frown Company. The following informata accumulated depr fair PL,200,000. The exchange is nonmonetary. Prob Mello of P2 Required: Price Chars Value Insur Moto Problem 23-7 (ACP) Smile Company exchanged used equipment for s equipment of Frown Company. The following inform pertains to the exchange: Total Less Cash Smile Frow Equipment Accumulated depreciation Fair value of equipment 2,400,000 2,000,000 500,000 2,200,00 1,750,00 500,000 The P20 refu Required: Re Prepare journal entry on the books of Smile and Frown. Pre 654Don't give answer in image
- Please don't give image format and no chatgpt answerrrStatement 1: When change in the estimated life of depreciable asset occurs at the time of an intercompany sale, the treatment is different than if the change occurred while the asset remained on the books of the selling affiliate. Statement 2: The branch reports ending inventory of $1,500 consisting of goods from the home office billed at 125% above cost. The related "allowance" account in the home office books must have a credit balance of $300. Statement 3: In the financial settlement of a contingent consideration classified as financial liability, the amount shall be remeasured at fair value with any gain or loss included in a profit or loss. Statement 4: Intercompany sales of inventory necessitate adjustments to the calculation of the distribution of income to the controlling interests. Which statement/s is/are true?
- 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…PROBLEM 4: The records of ZZZ Company reveal the following information: A. Goods sold on an installment basis to Luxembourg, Inc., possession of the goods is transferred to Hatred, Inc., P750,000. B Goods sold to Madrid Company for which ZZZ has signed an agreement to repurchasethe goods sold at a set price that covers all costs related to the inventory, P680,000. C. Goods received from YYY Company for which an agreement was signed requiringZZZ to replace such goods in the near future, P580,000. C. Goods purchased from Male, Inc., P430,000. Billing was received although delivery was delayed per request of ZZZ. The goods purchased were segregated and ready for delivery on demand. D. Goods purchased from Managua on a lay away sale agreement, P550,000. The goods were not yet delivered until after ZZZ makes the final payment on the purchase price. ZZZ made total payments of P50,000 during the year. How much is included by ZZZ as part of inventory?32 Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $191,000 (original cost of $421,000 less $230,000 in accumulated depreciation) and its fair value was $180,000. Cedric paid $61,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 Transaction 1 Equipment - new Accumulated depreciation X Answer is not complete. General Journal Gain on exchange of assets Cash Equipment - old 33 X Debit 241,000 230,000 Credit 11,000 X 61,000 421,000