User Account

All Pages

Prepare the journal entry to record exchange on smith books

Assignment Help Accounting Basics
Reference no: EM131768795

Question - Smith and Jones each own tracts of land. Because of the location of their current operations, each would prefer to have the other's land. Smith and Jones agree to exchange tracts. Smith pays Jones $36,000 based upon the following data.

 

Smith Land

Jones Land

Original Cost

$270,000

$280,000

Appraisal fair value at date of exchange

$300,000

$264,000

Instructions

 

(a) Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance.

 

(b) Prepare the journal entry to record the exchange on Smith's books, assuming the transaction does not have commercial substance.

 

(c) Prepare the journal entry to record the exchange on Jones's books, assuming the transaction has commercial substance.

 

(d) Prepare the journal entry to record the exchange on Jones's books, assuming the transaction does not have commercial substance.

Reference no: EM131768795

Questions Cloud

How to spot, minimize and manage the insider threat : How to spot, minimize and manage the insider threat? Why antivirus is not enough and what to do about it? Why and How to Securely Backup Your Data?
Discuss about the computer-based data collection devices : Compare and contrast the considerations in the development of paper-based versus computer-based data collection devices.
Draw the unhatched part of the exterior wall : Draw the unhatched part of the exterior wall. Offset the outside of the exterior wall by 6 inches and hatch the area as shown in the diagram.
What are the data sets used for : Are the standards governing the data sets used as part of the Department of Health and Human Services meaningful use regulations?
Prepare the journal entry to record exchange on smith books : Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance
Describe how you would start this incident off correctly : You have been asked by management to secure the laptop computer of an individual who was just dismissed from the company under unfavorable circumstances.
Discuss the capabilities of using business intelligence : Consider the overall use of information systems, including BI applications in support of decision-making and marketing.
Create one record in the section table : Assignment: Access Test. Create one record in the SECTION table as follows with the Instructor field value as your actual name.
Determine the cost to be charged to the product for the year : The process requires a constant level of heat, so the furnaces are maintained at a set temperature for 24 hours a day. Determine the cost to be charged

Reviews

Write a Review

Accounting Basics Questions & Answers

  To create an identical version of a slide

To create an identical version of a slide

  An investor purchased at par value 75000 of corts 8 bonds

1. on february 15 seacroft buys 7000 shares of kebo common stock at 28.53 per share plus a brokerage fee of 400. the

  Vinents friend tells him that capital gains tax is

vinents friend tells him that capital gains tax is discriminatory in that it is imposed upon individuals who can afford

  Accounting system entry

Famous Frames Company purchased office equipment on January 1,2007 for $10,000. Its annual depreciation was computed as $1,000.To record the depreciation for 2007, the accounting system entry should be which of the following?

  What do you think about the difference between negligence

what do you think about the difference between negligence and intentional dishonesty from an accountant? where is the

  Research operational barriers

Using the module readings, online library resources, and the Internet, research operational barriers. Based on your research, address the following:

  Using the time value of money calculator under the lessons

using the time value of money calculator under the lessons tab answer the following question and submit your answer to

  Find advantages of normalization outweigh disadvantages

Under what circumstances would you not want to normalize a table? Finally, do you feel the advantages of normalization outweigh the disadvantages?

  Find the following a material cost variance b material

find the following a material cost variance b material price variance 1 at the point of consumption 2 at the point of

  What are the consequences of depression in the elderly

What kind of therapy would the student recommend and why? What are the consequences of depression in the elderly

  Journal entries in a standard cost system

Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated:

  Cash flow from investing activities

A negative cash flow from investing activities:

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