User Account

All Pages

Prepare the journal entry to record the exchange

Assignment Help Accounting Basics
Reference no: EM133169379

Question - Delfin Corporation exchanged an old machine and $30,000 cash for a new machine. The old machine had a book value of $9,000 (original cost of $22,000 less $13,000 in accumulated depreciation) and a fair value of $10,000.

Required -

1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance.

2. Briefly explain what happens if the exchange lacks commercial substance.

Reference no: EM133169379

Questions Cloud

What is the total shareholders equity on december : Balang Company reported the following shareholders' equity on January 1, 2018: Preference share, 100,000 shares, What is total shareholders equity on December
What is the cash breakeven quantity in units : The company's contribution margin as a percentage of sales is 41.6%. What is the cash breakeven quantity in units
Leadership styles and organizational culture : Now that the change management plan has been completed, describe AGC's new leadership styles and organizational culture.
Identify the act that details requirements : Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging
Prepare the journal entry to record the exchange : Delfin Corporation exchanged an old machine and $30,000 cash for a new machine. Prepare the journal entry to record the exchange
Followership style and strategies : Identify your followership style and the strategies you can use to become a more effective follower.
Define the normative ethical perspectives of teleology : In finalising the inventory valuation Penny has a discussion with the warehouse clerk. Define the normative ethical perspectives of teleology
Review the topic material financial analysis : Question - Review the topic material "Financial Analysis - A Study." The authors discuss eight reasons financial analysis is significant
Explain the requirements for registered foreign companies : Explain the requirements for registered foreign companies regarding preparing and lodging financial reports and Explain the process by which a business reports

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