Montgomery company purchased an electric wax melter on

Reference no: EM13608631

Montgomery Company purchased an electric wax melter on April 30, 2011, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.

List price of new melter $20,540
Cash paid 13,000
Cost of old melter (5-year life, $910 residual value) 16,510
Accumulated depreciation-old melter (straight-line) 9,360
Second-hand market value of old melter 6,760

Prepare the journal entry(ies) necessary to record this exchange, assuming that the melters exchanged are (a) has commercial substance, and (b) lacks commercial substance. Montgomery's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2010.

Reference no: EM13608631

Questions Cloud

A car manufacturer is concerned about poor customer : a car manufacturer is concerned about poor customer satisfaction at one of its dealerships. the management decides to

A large parallel plate capacitor has plate separation of : a large parallel plate capacitor has plate separation of 0.92 cm and plate area of 266 cm2. the capacitor is connected

A helicopters velocity is given as vt -2t100ms determine : a helicopters velocity is given as vt -2t100ms. determine the position and acceleration functions given that x0 9m.

A company purchased at a cost of 17767 and used 3058 pounds : a company purchased at a cost of 17767 and used 3058 pounds of materials during may standard cost of materials per unit

Montgomery company purchased an electric wax melter on : montgomery company purchased an electric wax melter on april 30 2011 by trading in its old gas model and paying the

The cylindrical imaging drum of a photocopier is to have an : the cylindrical imaging drum of a photocopier is to have an electric field just outside its surface of 2.00 105 nc.a if

Fox company has two support departments s1 and s2 and two : fox company has two support departments s1 and s2 and two producing departments p1 and p2. estimated diret costs and

A panel of meteorological and civil engineers studying : a panel of meteorological and civil engineers studying emergency evacuation plans for floridas gulf coast in the event

A point charge of 10 microc is located at x -30 cm and a : a point charge of 10 microc is located at x -3.0 cm and a second point charge of -12 microc is located at x 4.0 cm.

User Account

All Pages