Machinery acquired at a cost of 76900 and on which there is

Assignment Help Accounting Basics

Reference no: EM13587372

(1) Machinery acquired at a cost of $82,500 and on which there is accumulated depreciation of $60,000 (including any partial year) is exchanged for similar machinery. For financial reporting purposes, present the journal entries for each of the following:

(A) Price of new equipment is $105,000, trade-in allowance on old equipment is 19,000; balance paid in cash. Journalize the entries.

(B) Price of new equipment is $105,000, trade-in allowance on old equipment is 24,300; balance paid in cash. Journalize the entries.

(2) Equipment purchased for $48,200, with accumulated depreciation to date of $36,100, is sold for $15,000:

(A) Journalize the entry to record the sale of the asset.

(B) Assuming equipment was sold for $9,800, journalize the entry to record the sale.

(3) Machinery acquired at a cost of $76,900 and on which there is accumulated depreciation of $30,000 (including any partial year) is exchanged for similar machinery. For financial reporting purposes, present the journal entries for each of the following:

(A) Price of new equipment is $95,000, trade-in allowance on old equipment is 39,400; balance paid in cash. Journalize the entries.

(B) Price of new equipment is $95,000, trade-in allowance on old equipment is 47,500; balance paid in cash. Journalize the entries.

Reference no: EM13587372

Questions Cloud

The combustion of propane illustrated by the following : the combustion of propane illustrated by the following reaction releases 2428 kj per mole of reaction. a sample of

Calculate material mix variance using 1 original standard : calculate material mix variance using 1 original standard mix ratio 2 revised standard mix ratiofor material a whose

What principal factors were considered in determining how : karas gas corporation is a successful oil and gas exploration business in the southwestern united states. at the

If the standard cost of material for a batch of 500 units : from the following information furnished by tesco industries for the month of december 2009 you are required to

Machinery acquired at a cost of 76900 and on which there is : 1 machinery acquired at a cost of 82500 and on which there is accumulated depreciation of 60000 including any partial

Staples inc is one of the largest suppliers of office : staples inc. is one of the largest suppliers of office products in the united states. it had net income of 738.7

The city of holland issued bonds on august 1 2012 the : the city of holland issued bonds on august 1 2012. the interest on its bonds is paid from city of holland debt service

The boiling point of methanol ch3oh is 647 oc and delta h : the boiling point of methanol ch3oh is 64.7 oc and delta h vap 71.8 kjmol. what is delta s for the vaporization of

Adjustment d on december 31 management informs you that it : for each of the following enter the adjustment debits and credits in the adjustments column and extend the two account

User Account

All Pages