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QS 9-16 Exchanging PPE LO6 Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated deprecia as of December 31, 2017. Its fair value on this date was $3,000. On the same day, Dean exchanged i auto for a computer with a fair value of $5,800. Dean was required to pay an additional $2,750 cash. P pare the entry to record this transaction for Dean.

QS 9-16 Exchanging PPE LO6 Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated deprecia as of December 31, 2017. Its fair value on this date was $3,000. On the same day, Dean exchanged i auto for a computer with a fair value of $5,800. Dean was required to pay an additional $2,750 cash. P pare the entry to record this transaction for Dean.

FINANCIAL ACCOUNTING
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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QS 9-16 Exchanging PPE L06 Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of December 31, 2017. Its fair value on this date was $3,000. On the same day, Dean exchanged this auto for a computer with a fair value of $5,800. Dean was required to pay an additional $2,750 cash. Pre- pare the entry to record this transaction for Dean.
Transcribed Image Text:QS 9-16 Exchanging PPE L06 Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of December 31, 2017. Its fair value on this date was $3,000. On the same day, Dean exchanged this auto for a computer with a fair value of $5,800. Dean was required to pay an additional $2,750 cash. Pre- pare the entry to record this transaction for Dean.
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