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Make all appropriate journal entries for Bahrain Corporation

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Reference no: EM132772166

Question - Bahrain Corporation follows a policy of a 10% depreciation charge per year on machinery and a 5% depreciation charge per year on buildings.

The following transactions occurred in 2020:

March 31, 2020 A warehouse which Bahrain had purchased on January 1, 2011 for $1.7 million (with a current fair value of $1 million) was exchanged for another warehouse which also had a current fair value of $1 million. Depreciation has been properly charged from Jan 1, 2011 through Dec 31, 2019. Both parcels of land on which the warehouses were located were equal in value, and had a fair value equal to book value.

June 30, 2020 Machinery with a cost of $120,000 and accumulated depreciation through December 31, 2019 of $90,000 was exchanged, along with $75,000 cash, for a parcel of land with a fair market value of $115,000.

Required - Make all appropriate journal entries for Bahrain Corporation for the above dates.

Reference no: EM132772166

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