User Account

All Pages

Prepare the journal entry for saman co

Assignment Help Accounting Basics
Reference no: EM133125436

Question - Saman Co exchanged a Machinery with Amar Inc. in exchange for a building. Saman also paid 50,000 to Amar for this exchange. Other details of the transaction are provided below:

Saman Co. equipment:

Amar Inc. Building:

Cost

$950,000

Cost

$750,000

Accumulated depreciation

150,000

Accumulated depreciation

180,000

Fair value

600,000

Fair value

550,000

Required -

a) Prepare the journal entry in the books of both companies, assuming both are publicly traded.

b) Assuming now that Saman is a private company and that the fair value of building is the most reliable fair value, prepare the journal entry for Saman Co.

Reference no: EM133125436

Questions Cloud

Explain three relevant and practical safeguards : Explain three (3) relevant and practical safeguards that BWH Partners or Ultra Glass Ltd could implement to reduce the threats
Discuss instruments of the financial markets : List and discuss instruments of the financial markets. Define Balance of Payments and its main components.
Prepare the shareholders equity section of vos sfp : Common shares (unlimited authorized, 44,000 shares issued and outstanding) 560,000. Prepare the shareholders equity section of Vos SFP
Foundations and strategy and external environment : What sort of changes might technological development trigger in other segments of the general environment.
Prepare the journal entry for saman co : Assuming now that Saman is a private company and that the fair value of building is the most reliable fair value, prepare the journal entry for Saman Co
What type of cross elasticity would you expect : What type of cross elasticity would you expect to see between gasoline and sportscars, in general? Explain
Discuss the causes of the recent currency crisis in turkey : Discuss the causes of the recent currency crisis in Turkey. What are the implications for the Turkish economy and the global economy?
How did baseball reserve clause contribute : In four or five sentences, explain: How did baseball's reserve clause contribute to Reggie Jackson being underpaid by over $1 million in 1984 USD during his MVP
Find the solution that gives the maximum profit : A plastic parts supplier produces two types of plastic parts used for electronics. Type 1 requires 1 hour of labor and 2 hours of machine time. Type 2 requires

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