Corp. traded in a manual pressing machine for an automated pressing machine and gave $46500 cash. The old machine cost $478000 and had a net book value of $343000. The old machine had a fair value of $310000. Which of the following is the correct journal entry to record the exchange assuming commercial substance? Equipment 659500 Accumulated Depreciation 135000 Equipment 478000 Cash 46500 Equipment 356500 Equipment 310000 Cash 46500 Equipment 356500
Corp. traded in a manual pressing machine for an automated pressing machine and gave $46500 cash. The old machine cost $478000 and had a net book value of $343000. The old machine had a fair value of $310000. Which of the following is the correct journal entry to record the exchange assuming commercial substance? Equipment 659500 Accumulated Depreciation 135000 Equipment 478000 Cash 46500 Equipment 356500 Equipment 310000 Cash 46500 Equipment 356500
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 10PA: Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth...
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Question
Sheffield Corp. traded in a manual pressing machine for an automated pressing machine and gave $46500 cash. The old machine cost $478000 and had a net book value of $343000. The old machine had a fair value of $310000.
Which of the following is the correct
Equipment | 659500 | |||
|
135000 | |||
Equipment | 478000 | |||
Cash | 46500 |
Equipment | 356500 | |||
Equipment | 310000 | |||
Cash | 46500 |
Equipment | 356500 | |||
Loss on Disposal | 33000 | |||
Accumulated Depreciation | 135000 | |||
Equipment | 478000 | |||
Cash | 46500 |
Cash | 46500 | |||
Equipment | 310000 | |||
Loss on Disposal | 33000 | |||
Accumulated Depreciation | 135000 | |||
Equipment | 524500 |
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