Homework Answers
Solution:
No profit/loss is recognized in exchange transaction if transaction lacks commercial substance.
| Journal Entries | |||
| Event | Particulars | Debit | Credit |
| a | Accumulated depreciation - Truck Dr | $18,360.00 | |
| Computer Dr | $2,550.00 | ||
| To Truck | $20,400.00 | ||
| To Cash | $510.00 | ||
| (To record purchase of computer in exchange of used truck) | |||
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Blue Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360) for a small computer with...
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with...
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with a fair value of $4,488. Concord also paid $680 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with...
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of $3,564. Martinez also paid $540 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a f...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
Brief Exercise 10-8 Sheffield Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a...
Brief Exercise 10-8 Sheffield Corporation
traded a used truck (cost $21,200, accumulated depreciation
$19,080) for a small computer with a fair value of $3,498.
Sheffield also paid $530 in the transaction. Prepare the journal
entry to record the exchange. (The exchange has commercial
substance.) (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Brief Exercise 10-8 Sheffield...
Brief Exercise 10-8 Ayeyai Corporation traded a used truck (cost $22,400, accumulated depreciation $20,160) for a...
Brief Exercise 10-8 Ayeyai Corporation traded a used truck (cost $22,400, accumulated depreciation $20,160) for a small computer with a fair value of $3.696. Ayayal also paid $560 in the transaction Prepare the journal entry to record the exchange (The exchange has comercial substance (Credit count s are automatically indented when amount is entered. Do not indent manually. If entry required select "Ne Entry for the account s and enter for the amounts Account Tities and Explanation Credit
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with...
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 10-11 Oriole Company traded a used truck...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 10-11 Oriole Company traded a used truck for a new truck. The used truck cost $45,600 and has accumulated depreciation of $41,040. The new truck is worth $56,240. Oriole also made a cash payment of $54,720 Prepare Oriole's entry to record the exchange. The exchange lacks commercial substance) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for...
Concord Corporation traded a used truck (cost $27,200, accumulated depreciation $24,480) for a small computer with a fair value of $4,488. Concord also paid $680 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
Martinez Corporation traded a used truck (cost $21,600, accumulated depreciation $19,440) for a small computer with a fair value of $3,564. Martinez also paid $540 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
Brief Exercise 10-8 Sheffield Corporation
traded a used truck (cost $21,200, accumulated depreciation
$19,080) for a small computer with a fair value of $3,498.
Sheffield also paid $530 in the transaction. Prepare the journal
entry to record the exchange. (The exchange has commercial
substance.) (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Brief Exercise 10-8 Sheffield...
Brief Exercise 10-8 Ayeyai Corporation traded a used truck (cost $22,400, accumulated depreciation $20,160) for a small computer with a fair value of $3.696. Ayayal also paid $560 in the transaction Prepare the journal entry to record the exchange (The exchange has comercial substance (Credit count s are automatically indented when amount is entered. Do not indent manually. If entry required select "Ne Entry for the account s and enter for the amounts Account Tities and Explanation Credit
Sarasota Company traded a used welding machine (cost $10,260, accumulated depreciation $3,420) for office equipment with an estimated fair value of $5,700. Sarasota also paid $3,420 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit...
Riverbed Company traded a used welding machine (cost $9,540, accumulated depreciation $3,180) for office equipment with an estimated fair value of $5,300. Riverbed also paid $3,180 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit...
Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 10-11 Oriole Company traded a used truck for a new truck. The used truck cost $45,600 and has accumulated depreciation of $41,040. The new truck is worth $56,240. Oriole also made a cash payment of $54,720 Prepare Oriole's entry to record the exchange. The exchange lacks commercial substance) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for...
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