User Account

All Pages

Prepare the entries on both companies books

Assignment Help Accounting Basics
Reference no: EM131783121

Problem

Kennedy Company exchanged a warehouse with an appraised value of $1,260,000, a recorded cost of $1,800,000, and Accumulated Depreciation of $900,000 with Stark Corporation for an office building Stark owns. The office building has an appraised value of $1,224,000, a recorded cost of $2,160,000, and Accumulated Depreciation of $1,080,000. Stark also gave Kennedy $36,000 in the exchange.

REQUIRED:

Prepare the entries on both companies' books assuming that the transaction is considered to have commercial substance.

Prepare the entries on both companies' books assuming that the transaction is considered not to have commercial substance.

Reference no: EM131783121

Questions Cloud

Compare the performance of mcm industries : Compare the performance of MCM Industries to the 2012 industry ratios below and identify differences between the ratios of MCM
Considering three potential locations for its warehouses : C&A is considering three potential locations for its warehouses. Which location will you choose if demand is expected to be 800 units per month?
How have the roles and functions changed over time : What were the schools of thought during each period, and what were the significant issues that existed during those times?
How can we measure quality health care objectively : How can we measure quality health care objectively? What parameters should we measure?
Prepare the entries on both companies books : Prepare the entries on both companies' books assuming that the transaction is considered not to have commercial substance.
Causes the short run aggregate supply change : Determine what causes the short run aggregate supply change? Define fiscal policy and how its used to deal with inflation or recession?
Which roles are the least important : Does the working environment (prison, probation and parole, community) have an impact on which roles are most and least important?
Discuss a labor and management partnership : Discuss a labor/management partnership. What would committees and councils add to the work environment?
Complete the federal income tax return for carter : Complete the 2015 federal income tax return for Carter and Stella Johnson. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd