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Prepare the entry to record the exchange

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Reference no: EM132434472

Presented below are two independent transactions.

1. Ima Knucklehead exchanged old trucks (cost $75,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair market value of $39,000.

2. Yura Dingaling trades its used machine (cost $14,000 less $6,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $12,000), Yura also paid cash of $5,000.

Instructions

(a) Prepare the entry to record the exchange of similar assets by Ima Knucklehead.

(b) Prepare the entry to record the exchange of similar assets by Yura Dingaling.

(a) Account Title Debit Credit

(b) Account Title Debit Credit

Reference no: EM132434472

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