FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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Chapter 8, Problem 26E
To determine
Concept Introduction:
Exchanging plant assets: Many times, newer plant assets are exchanged with older ones. Accounting for the exchange of assets is made when the exchange transaction has a commercial matter, if the exchange has a commercial matter, a gain or loss resulting from the such exchange would be the difference between the book values of assets and the market value of the asset.
The entries to record disposal under the given situation.
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On January 2, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $18,250 cash. 2. The machine is traded in for a new machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $60,200 cash price. A $15,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.
On January 2, Bering Company disposes of a machine costing $53,000 with accumulated depreciation of $28,551. Prepare the entries
co record the disposal under each separate situation.
1. The machine is sold for $20,505 cash.
2. The machine is traded in for a new machine having a $69,500 cash price, A $25,237 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance
3. The machine is traded in for a new machine having a $69,500 cash price. A $18,928 trade in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
The machine is sold for $20,505 cash.
View transaction list
Journal entry worksheet
On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of $20,201. Prepare the entries
to record the disposal under each separate situation.
1. The machine is sold for $14,509 cash.
2. The machine is traded in for a new machine having a $54,000 cash price. A $17,857 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
3. The machine is traded in for a new machine having a $54,000 cash price. A $13,393 trade-in allowance is received, and the
balance is paid in cash. Assume the asset exchange has commercial substance.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
The machine is sold for $14,509 cash.
View transaction list
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Date
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Chapter 8 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
Ch. 8 - Prob. 1QSCh. 8 - Prob. 2QSCh. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QS
Ch. 8 - Prob. 11QSCh. 8 - Prob. 12QSCh. 8 - Prob. 13QSCh. 8 - Prob. 14QSCh. 8 - Prob. 15QSCh. 8 - Prob. 16QSCh. 8 - Prob. 17QSCh. 8 - Prob. 18QSCh. 8 - Prob. 19QSCh. 8 - Prob. 20QSCh. 8 - Prob. 21QSCh. 8 - Prob. 22QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Prob. 24ECh. 8 - Prob. 25ECh. 8 - Prob. 26ECh. 8 - Prob. 1PSACh. 8 - Prob. 2PSACh. 8 - Prob. 3PSACh. 8 - Prob. 4PSACh. 8 - Prob. 5PSACh. 8 - Prob. 6PSACh. 8 - Prob. 7PSACh. 8 - Prob. 1PSBCh. 8 - Prob. 2PSBCh. 8 - Prob. 3PSBCh. 8 - Prob. 4PSBCh. 8 - Prob. 5PSBCh. 8 - Prob. 6PSBCh. 8 - Prob. 7PSBCh. 8 - Prob. 8SPCh. 8 - Prob. 1.1AACh. 8 - Prob. 1.2AACh. 8 - Prob. 1.3AACh. 8 - Prob. 1.4AACh. 8 - Prob. 2.1AACh. 8 - Prob. 2.2AACh. 8 - Prob. 2.3AACh. 8 - Prob. 3.1AACh. 8 - Prob. 3.2AACh. 8 - Prob. 3.3AACh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTN
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