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Truck Company trades its used delivery trucks for a new models at Greenwich GMC. The used trucks have a book value of $60,000 (original cost $140,000 less $80,000 accumulated depreciation). The new trucks have MSRP of $80,000. The fair value of the old trucks based on estimation by third party is $50,000. After some negotiations between the Truck Company and Greenwich GMC, the new trucks would receive $10,000 discount and the trade in value of the old trucks in the amount of $55,000. The remaining portions is to be paid in cash.
Required:
Prepare the journal entries assuming:
a) Commercial substance and
b) No commercial substance.
Legacy issues $700,000 of 7.5%, four-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $643,419 and their market rate is 10% at the issue date. 1.Prepare the January 1, 2013, journal ent..
western flyers received its bank statement for the month of july with an ending balance of 11065.00. western flyers
The expansion will cost two million dollars, and is expected to increase operating earnings to $2,100,000. What factors should Turners manager and her supervisor, the VP of operations, consider in deciding whether to go forward with the expansion?..
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If sales for the current year were $475,000 and accounts receivable increased by $39,000 during the year, what was the amount of cash received from customers? If income tax for the current year was $39,000 and income tax payable decreased by $11,000 ..
In the current year, Hanna Company reported warrenty expense of $198,000 and the warrenty liability account increased by $30,000. What were warranty expenditures during the year
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What kind of managerial accounting information is used to make a business decision of manufacturing versus purchasing from an outside source?
Wisconsin Warning Co. issued $5,000,000 of five-year, 8 % bonds with interest payable semi-annually at an effective interest rate of 11 %. It was determine the present value of the bonds payable were $ 4,434,520
The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
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