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Entries for Trade of Fixed Asset
On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $280,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $216,000; annual depreciation, $18,000. Assume the exchange has commercial substance.
a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in. 1. 2.
b. Journalize the entry to record the exchange transaction on April 1. If an amount box does not require an entry, leave it blank or enter "0". 1. 2. 3. 4. 5
Eco Wet, Inc., a manufacturer of gears for lawn sprinklers, is thinking about add- ing a new fully automated machine. This machine can produce gears that the com- pany now produces on its third shift. The machine has an estimated useful life of ten y..
Irons Delivery, Inc., purchased a new delivery truck for $42,000 on January 1, 2009. The truck is expected to have a $2,000 residual value at the end of its five-year useful life. Irons uses the straight-line method of depreciation.
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