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Presented below are two independent transactions

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1. Anchor Klanker Company sold equipment on June 30, 2005 for $70,000. The equipment had cost $100,000 and had $50,000 of accumulated depreciation as of January 1, 2005. Depreciation for the first 6 months of 2005 was $5,000. Prepare the journal entry to record the sale of the equipment.

2. Rum Dum and Company originally purchased a dump truck for $66,000. The truck had a 10-year useful life, and the accumulated depreciation was $30,000 when they sold the truck for $25,000. Prepare the journal entry to record the sale of the truck.

3. Presented below are two independent transactions.

1. Ima Knucklehead exchanged old trucks (cost $75,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair market value of $39,000.

2. Yura Dingaling trades its used machine (cost $14,000 less $6,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $12,000), Yura also paid cash of $5,000.

Instructions

(a) Prepare the entry to record the exchange of similar assets by Ima Knucklehead.

(b) Prepare the entry to record the exchange of similar assets by Yura Dingaling.

Reference no: EM131771579

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