Reference no: EM133170012
Question - Sage 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 $17,380
Cash paid 11,000
Cost of old melter (5-year life, $770 salvage value) 12,320
Accumulated Depreciation-old melter (straight-line) 6,930
Secondhand fair value of old melter 5,720
Required - Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Sage's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019.
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Prepare the journal entries necessary to record exchange
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Determine the earnings yield
: Consider the following information provided by Bestco Pty Ltd: Net profit before tax $1,600,000. Determine the earnings yield
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