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Prepare the journal entry to record the exchange

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Question - On Feb 1 2019, ABC Co. traded in an old piece of equipment that originally cost $32,000 with a salvage value of $2000 and a useful life of 5 years for a new upgraded model that had a cash price of $40,000. The company uses straight-line depreciation and the original equipment was purchased on Feb 1, 2015.

(A) Prepare the journal entry to record the exchange under the assumption that a $5,000 trade-in allowance was received and the balance was paid in cash.

(B) Prepare the journal entry to record the exchange under the assumption that instead of a $5,000 trade-in allowance, a $12,500 trade-in allowance was received and the balance was paid in cash.

Reference no: EM132571105

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