Reference no: EM132628032
Question - Riverbed Company purchased an electric wax melter on April 30, 2020, 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 salvage value) 14,560
Accumulated Depreciation-old melter (straight-line) 8,190
Secondhand fair value of old melter 6,760
Required - Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Riverbed's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019.
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