Homework Answers
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| Barnett Company | ||
| When the exchange lacks commercial substance then in case of gain accounting should be done at book value and not fair value. Gains are also not recorded in this case. | ||
| Initial value/ Purchase value of DROF Trucks | Amount $ | |
| Book value of refrigerated trucks | 37,200.00 | |
| Add: cash paid to complete the exchange | 15,700.00 | |
| Initial value/ Purchase value of DROF Trucks | 52,900.00 | |
| Journal Entry | ||
| Account | Debit $ | Credit $ |
| DROF Trucks | 52,900.00 | |
| Accumulated Depreciation- Refrigerated trucks | 28,000.00 | |
| Refrigerated trucks | 65,200.00 | |
| Cash | 15,700.00 | |
| 80,900.00 | 80,900.00 |
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