Homework Answers
| No. | Accounts | debit | credit |
| a | Cash | 20080 | |
| Loss on sale of machinery | 3862 | ||
| Accumulated depreciaition-Machinery(old) | 27958 | ||
| Machinery(old) | 51900 | ||
| b | Machinery(new) | 68400 | |
| Accumulated depreciaition-Machinery(old) | 27958 | ||
| Gain on exchange of machinery | 772 | ||
| Machinery(old) | 51900 | ||
| Cash | 43686 | ||
| c | Machinery(new) | 68400 | |
| Accumulated depreciaition-Machinery(old) | 27958 | ||
| loss on exchange of machinery | 5406 | ||
| Machinery(old) | 51900 | ||
| Cash | 49864 |
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On January 2, Bering Co. disposes of a machine costing $51.900 with accumulated depreciation of S27.958....
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 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...
1, 2 and 3 please Exercise 10-24A Recording plant asset disposals P5 On January 2, Bering...
1, 2 and 3 please
Exercise 10-24A Recording plant asset disposals P5 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...
Caleb Co. owns a machine that costs $42,400 with accumulated depreciation of $18,400. Caleb excha...
Caleb Co. owns a machine that costs $42,400 with accumulated depreciation of $18,400. Caleb exchanges the machine for a newer model that has a market value of $52,000 1. Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance. 2. Record the exchang e assuming Caleb pays $22,000 cash and the exchange lacks commercial substance. View transaction list Journal entry worksheet 2 Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance....
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in are as follows. Co...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
16 Caleb Co. owns a machine that had cost $47.200 with accumulated depreciation of $20,800. Caleb...
16 Caleb Co. owns a machine that had cost $47.200 with accumulated depreciation of $20,800. Caleb exchanges the machine for a newer model that has a market value of $56,000. 1. Record the exchange assuming Caleb paid $32.400 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $24,400 cash and the exchange has commercial substance Skipped View transaction list Journal entry worksheet Record the exchange assuming Caleb paid $32,400 cash and the exchange has commercial...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges the machine for a newer model that has a market value of $59,000. 1. Record the exchange assuming Caleb paid $33,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,600 cash and the exchange has commercial substance View transaction list View journal entry worksheet No Transaction Credit General Journal Machinery (new) Accumulated depreciation—Machinery (old) Loss on exchange of...
8. (8 points) This machinery was acquired by trading in used machinery. Facts concerning the trade-in...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
James Company purchased four identical machines on January 10, 2019, paying $6,090 for each. The useful...
James Company purchased four identical machines on January 10, 2019, paying $6,090 for each. The useful life of each machine is expected to be six years, with a salvage value of $690 each. The company uses the straight-line method of depreciation. Selected transactions involving the machines follow. The accounts for recording these transactions are also given. DATE TRANSACTIONS FOR 2019 Jan. 10 Paid $6,090, in cash, for each of four machines. Dec. 31 Recorded depreciation for the year on the...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: b. The machine was traded in on new tools having a $137,000 cash price. A $50,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. Answer is complete but not entirely correct....
1. On January 5, 2015, Mountain View Company purchased construction equipment for $702,700, with a useful...
1. On January 5, 2015, Mountain View Company purchased
construction equipment for $702,700, with a useful life of six
years and estimated salvage value of $94,000. The company uses the
straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 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...
1, 2 and 3 please
Exercise 10-24A Recording plant asset disposals P5 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...
Caleb Co. owns a machine that costs $42,400 with accumulated depreciation of $18,400. Caleb exchanges the machine for a newer model that has a market value of $52,000 1. Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance. 2. Record the exchang e assuming Caleb pays $22,000 cash and the exchange lacks commercial substance. View transaction list Journal entry worksheet 2 Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance....
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
16 Caleb Co. owns a machine that had cost $47.200 with accumulated depreciation of $20,800. Caleb exchanges the machine for a newer model that has a market value of $56,000. 1. Record the exchange assuming Caleb paid $32.400 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $24,400 cash and the exchange has commercial substance Skipped View transaction list Journal entry worksheet Record the exchange assuming Caleb paid $32,400 cash and the exchange has commercial...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges the machine for a newer model that has a market value of $59,000. 1. Record the exchange assuming Caleb paid $33,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,600 cash and the exchange has commercial substance View transaction list View journal entry worksheet No Transaction Credit General Journal Machinery (new) Accumulated depreciation—Machinery (old) Loss on exchange of...
8. (8 points) This machinery was acquired
by trading in used machinery. Facts concerning the trade-in are as
follows. Cost of machinery traded (old machine) $100,000
Accumulated depreciation to date of sale (old machine) 40,000 Fair
value of machinery traded (old machine) 83,000 Cash received 12,000
Fair value of machinery acquired (new machine) 71,000 Record the
journal entry for the above nonmonetary asset exchange for the
following scenarios: a. The transaction has commercial substance.
b. The transaction lacks commercial substance...
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: b. The machine was traded in on new tools having a $137,000 cash price. A $50,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. Answer is complete but not entirely correct....
1. On January 5, 2015, Mountain View Company purchased
construction equipment for $702,700, with a useful life of six
years and estimated salvage value of $94,000. The company uses the
straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
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