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What amount should be debited to the equipment account

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Q1) On July 6, Telly Corp. trades in a truck costing $83,000 and having accumulated depreciation of $35,400 for new machinery with a fair value of $44,800 and also receiving $7,300 in cash. Assume the transaction lacks commercial substance. Record the July 6 nonmonetary exchange entry.

Q2) Share Inc. is constructing a building that qualifies for interest capitalization. The company determines that the yearly actual interest paid on December 31 is $59,700, while the yearly avoidable interest is $28,100. Record the December 31 entry for interest capitalization.

Q3) A company purchases real estate that includes land with a fair value of $250,000, a building with a fair value of $320,000, and equipment with a fair value of $120,000. If the purchase price of the real estate is $640,000, what amount should be debited to the equipment account?

Reference no: EM132921064

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