Prepare journal entries for the given transactions

Reference no: EM132214019

Question: Prepare journal entries for the following:

M. Also, on October 28, 2018, the firm determined that a piece of equipment in Sales Building 1 was outdated due to significant technology changes. The estimated future undiscounted cash flows over the useful life of the equipment is expected to be $35,000 and the fair value of the equipment is estimated to be $28,000. The book value of the equipment at October 31st (after adjusting for current year depreciation) is $37,900.

N. On October 31, 2018, the Baylee Corporation 5% bonds have a fair market value of $103,700. Trading Securities have a fair market value of $93,100.

O. During October 2018, the firm paid $45,000 to acquire its own shares. These shares were correctly classified as Treasury Shares.

Reference no: EM132214019

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