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Provide the journal entry to record transaction

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Question . ENA Company exchanges a used computer with a total net book value of $100,000 ($120,000 cost less accumulated depreciation of $20,000) for a new computer with a fair value of $135,000 and $15,000 in cash. The fair value of the old computer is $150,000. The transaction is deemed to lack commercial substance.

a. Determine the gain/loss from the exchange should be recognized under U.S. GAAP and provide the journal entry to record the transaction.

b. Determine the gain/loss from the exchange should be recognized under IFRS and provide the journal entry to record the transaction.

Reference no: EM133260618

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