Reference no: EM132775078
The company had the following transactions or events during the year:
(1) The company paid $100,000 to exchange an old equipment for a new equipment. The cost and accumulated depreciation of the old equipment were $500,000 and $260,000, respectively. The fair value of the old equipment was $300,000, while the fair value of the new equipment was $450,000. This exchange had commercial substance.
(2) The old machinery with the original cost of $5,000 and accumulated depreciation of $4,800 was exchanged for a new machinery. The company paid $6,000 for the new machinery. This exchange did not have commercial substance.
(3) The company purchased an equipment on September 1. The equipment will be dismantled, and the estimated site restoration costs of $50,000 will be incurred after 15 years. The current discount rate is 6%. The company recorded accrued interest on this asset retirement liability on December 31. (P/F,6%,15) =0.41727, i.e., the present value of $1 at the discount rate of 6% for 15 periods.
Required :
Problem 1: Prepare journal entries to record the above transactions or events
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