User Account

All Pages

What is recognized from the exchange

Assignment Help Accounting Basics
Reference no: EM133096974

Question - Equipment that cost $30,000 and has accumulated depreciation of $12,000 is exchanged for similar equipment with a fair value of $24,000. The old machine has a fair value of $17,500. In addition, $5,000 cash is paid for the new equipment. Assume there is commercial substance. What is recognized from the exchange?

Reference no: EM133096974

Questions Cloud

Determine the unit product cost for the new product : The annual fixed manufacturing overhead related to the product is $18,000. Determine the unit product cost for the new product
Systems of government by using several different criteria : Famously, Aristotle classified systems of government by using several different criteria. Describe his criteria and his classification system.
Calculate darrell agi : The loss from it in the current year was $52,250. Calculate Darrell's AGI after considering that Darrell's AGI was $95,000 before including any potential loss
Calculate the cost of ending inventory on december : If the company uses the? last-in, first-out inventory costing? method, calculate the cost of ending inventory on December 31
What is recognized from the exchange : In addition, $5,000 cash is paid for the new equipment. Assume there is commercial substance. What is recognized from the exchange
What is this project npv : At the beginning of the project, a $2,000,000 initial cash outflow would be required. What is this project's NPV assuming the company requires a 8% return
Future of population health : -The future of population health in the context of supportive workplace environments, cultures, and climates coupled with supportive communities.
Biological weapons : How are threats posed by biological weapons more significant than other weapons of mass destruction? Explore more in-depth about biological weapons to planning
What is the payback period for this investment : The only fixed expense associated with the new machine is its annual depreciation of $40,000 per year. What is the payback period for this investment

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which management assertion is control designed

Tire biter is a public company. Which management assertion is this control designed to assist? Sales invoices are matched with shipping documents

  List multiple debits in alphabetical order

In 2020, List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

  What the taxable income that arises for kelly from the sale

Increase in value arises from zoning changes made to the district plan in 2018. The Taxable Income that arises for Kelly from the sale of the land is

  What is the cost of the land

Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, What is the cost of the land

  What evidence to support testimony as an expert witness

What facts would you highlight and include in evidence to support your testimony as an expert witness? this is in the world com fraud case

  Prepare the journal entry to record the sale

Problem - Pharoah Inc. issues $300,000, 10-year, 9% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2020

  What amount should be reported as gain on sale of trading

On December 31, the entity sold 5,000 shares for P350,000. What amount should be reported as gain on sale of trading securities in the current year?

  Why is this an incorrect approach to measuring periodic

Why is this an incorrect approach to measuring periodic depreciation?

  Recommended option breakeven

Finally, the investors ask that the recommended option breakeven in no more than 10 months. With these considerations in mind, the options are explained in subsequent paragraphs.

  What is Marla recognized gain or loss on the distribution

Marla's outside basis in her partnership interest is $200,000. What is Marla recognized gain or loss on the distribution

  Prepare a statement of partnership liquidation

The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29

  How much are you willing to pay to buy

After that, dividends are projected to increase by 4.0 percent per year. How much are you willing to pay to buy one share of this stock today

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