QUESTION #3 (12 Marks, 24 minutes) XYZ Incorporated exchanges Equipment (A) for Equipment (B) with ABC Incorporated. Original Cost Accumulated Amortization Equipment A $20,000 $8,000 Equipment B $17,000 $7,000 Provide journal entries for the following unrelated examples: 1) No cash was involved in the transaction. Both companies thought the trade was fair but the equipment was unique and it was impossible to obtain an estimate of fair value. 2) In addition to the machinery, XYZ Incorporated provides ABC Incorporated with $400 cash. 3) No cash was involved in the transaction. Both companies thought the trade was fair. The fair value of Equipment A was estimated at $19,600 and the fair value of Equipment B was estimated at $20,000. Both estimates were equally valid and the machines are used for different purposes. Required: For the following separate examples provide the appropriate journal entries for both XYZ Incorporated and ABC Incorporated.

QUESTION #3 (12 Marks, 24 minutes) XYZ Incorporated exchanges Equipment (A) for Equipment (B) with ABC Incorporated. Original Cost Accumulated Amortization Equipment A $20,000 $8,000 Equipment B $17,000 $7,000 Provide journal entries for the following unrelated examples: 1) No cash was involved in the transaction. Both companies thought the trade was fair but the equipment was unique and it was impossible to obtain an estimate of fair value. 2) In addition to the machinery, XYZ Incorporated provides ABC Incorporated with $400 cash. 3) No cash was involved in the transaction. Both companies thought the trade was fair. The fair value of Equipment A was estimated at $19,600 and the fair value of Equipment B was estimated at $20,000. Both estimates were equally valid and the machines are used for different purposes. Required: For the following separate examples provide the appropriate journal entries for both XYZ Incorporated and ABC Incorporated.

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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