Riverbed Corporation wishes to exchange a machine used in its operations. Riverbed has received the following...
Riverbed Corporation wishes to exchange a machine used in its
operations. Riverbed has received the following offers from other
companies in the industry.
| 1. | Marin Company offered to exchange a similar machine plus $24,380. (The exchange has commercial substance for both parties.) | |
| 2. | Headland Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) | |
| 3. | Sage Company offered to exchange a similar machine, but wanted $3,180 in addition to Riverbed’s machine. (The exchange has commercial substance for both parties.) |
In addition, Riverbed contacted Pronghorn Corporation, a dealer in
machines. To obtain a new machine, Riverbed must pay $98,580 in
addition to trading in its old machine.
|
Riverbed |
Marin |
Headland |
Sage |
Pronghorn |
||||||
| Machine cost | $169,600 | $127,200 | $161,120 | $169,600 | $137,800 | |||||
| Accumulated depreciation | 63,600 | 47,700 | 75,260 | 79,500 | –0– | |||||
| Fair value | 97,520 | 73,140 | 97,520 | 100,700 | 196,100 |
For each of the four independent situations, prepare the journal
entries to record the exchange on the books of each company.
(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.)
Homework Answers
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