Exercise 10-17 (Algo) Nonmonetary exchange [LO10-6]The Bronco Corporation exchanged land for equipment. The land had a book value of $131,000 and a fair value of $172,000. Broncoreceived $21,000 from the owner of the equipment to complete the exchange which has commercial substance.Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.Required 1 Required 2Complete this question by entering your answers in the tabs below.Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)No1X Answer is not complete.Transaction1Equipment - newLand-oldGeneral JournalCashGain on exchange of assets< Required 1Required 2<***Debit193,000 XCredit131,000 X21,000 X41,000

Fair value of equipment = Fair value of land - Cash received Gain on exchange = Cost of equipment +…

Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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T-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to find the missing amount in a T-Account. Please look at the example below and provide me the answers in that same type of format so that it is easy to understand. Beginning Balance is missing Transaction on debit side is missing Transaction on credit side is missing FINDING BEGINNING BALANCE EXAMPLEBeginning balance = Ending balance + right side of T-Account - Left side of T-AccountBeginning balance = $9,800 + ($4,500 +$2,200 +$3,500) - ($2,500 +$4,000 +$3,400)Beginning balance = $9,800 + $10,200 - $9,900Begining balance = $10,100
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Pronghorn Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$6,160 plus trade-in, fo.b. factory. Pronghorn paid HK$6,160 cash and traded in used equipment. The used equipment had originally cost HK$54,560; it had a book value of HK$36,960 and a secondhand fair value of HK$40,320, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of HK$960. (a) Your answer is correct. ress Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Equipment Accumulated Depreciation Equipment Equipment Cashi…
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
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Please Introduction and show work without plagiarism please i request please sir urgently help me
Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?
(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer
Do has commercial and lacks commercial substance please using the same template as first pic
Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…