yvey Co. Equipment (cost)           Rwf 40,000              Rwf 40,000 Accumulated depreciation                31,000                     22,000 Fair value of equipment        24,500                     27,500 Cash given up                        3,000

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A: At the time of sale of asset, gain or loss will be calculated as difference between carrying value…

Q: ullumber Company exchanged equipment used in its manufacturing operations plus $4,320 in cash for…

A: Calculation of Gain or Loss:   Cullumber Co. Riverbed Co. Fair Value of Old Equipment $18,000…

Q: Journalizing partial-year depreciation and asset disposals and exchanges During 2018, Mora…

A: Journalizing is a process of recording the financial transactions in the books of an organization.…

Q: Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for…

A: Calculation of Gain or Loss on exchange of assets: Particulars Arruza Co. LoBianco Co. Fair…

Q: Garcia Co. owns equipment that costs $77,300, with accumulated depreciation of $42,800. Garcia sells…

A: Net book value of the equipment = Cost - accumulated depreciation = $77,300 - $42,800 = $34,500…

Q: Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Garcia Co. owns equipment that cost $81,200, with accumulated depreciation of $43,000. Record the…

A: recording of journal entry with all necessary calculation are as follows

Q: On July 1, 2021, JULIA exchanged its non-monetary asset (equipment) with GERALD's non-monetary asset…

A: (1) If a  monetary gains exists due to the exchange of the transactions then the transaction is said…

Q: Stellar Company exchanged equipment used in its manufacturing operations plus $3,960 in cash for…

A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

Q: Grouper Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for…

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Q: Siargao company recently acquired two items of equipment. A. Acquired a press at an invoice price…

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A: When customer promises to pay consideration other than in cash form , then entity should measure its…

Q: Company A applies IFRS. The following information pertains to Company A's intangible assets: On…

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Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the…

A: Cost of Equipment = $76800 Accumulated Depreciation = $40800 Book Value of Equipment = $76800 -…

Q: Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is…

A: CASH FLOW FROM INVESTING ACTIVITY SHOWS THE AMOUNT OF CASH RECEIVED OR SPENT RELATED TO COMPANY LONG…

Q: Garcia Co. owns equipment that cost $80,000, with accumulated depreciation of $42,40O. Record the…

A: Garcia Co Journal Entries Event Particulars Debit Credit 1 Cash $49,400.00     Accumulated…

Q: Garcia Co. owns equipment that cost $77,200, with accumulated depreciation of $41,000. Garcia sells…

A: Journal entry refers to the recording made by the business in the books of accounts, of all the…

Q: Company A applies IFRS. The following information pertains to Company A's intangible assets: On…

A: Impairment of goodwill has 2 steps. If the fair value of the unit exceeds the carrying cost good…

Q: Kingbird Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for…

A: When exchange lack commercial substance exist, the exchange of assets would be recorded at cost of…

Q: Mary Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with…

A: Accumulated depreciation on equipment = Cost of equipment x depreciation % = $40,000 x 75% = $30,000

Q: Siargao Company recently acquired two items of equipment Acquired a press at an invoice price of…

A: Note: Since you have posted multiple questions, we will solve the first question with 2 subparts.…

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A: Asset is the value of the items owned the firm. It can be tangible or intangible in nature. It can…

Q: Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated…

A: Given information:   Cost of an old truck $30,000 Accumulated depreciation  $27,000 Cost of…

Q: Lawson Company purchased equipment, on 1/10/2012. The cost was $90,000, with 10 years useful life,…

A: Depreciation under SLM method   = (cost - salvage value)/useful life  As per IFRS purchase/ sale…

Q: Siargao Company recently acquired two items of equipment. Acquired a press at an invoice price of…

A: Property, Plant & Equipment are the fixed assets of the company. These are shown under the head…

Q: Cheyenne Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for…

A: The verification of the percentage of the cash received whether it exceeds 25% of the fair value of…

Q: GRACE Co. recently acquired two items of equipment. Acquired a press at an invoice price of…

A: In the given question, we were given two equipment, one of which is a press machine and the other is…

Q: Corp. traded in a manual pressing machine for an automated pressing machine and gave $46500 cash.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garciasells…

A: Whenever business sells fixed assets to any other party, then gain or loss on sale will be…

Q: Pasado Company recently acquired two items of equipment. • Acquired a press at an invoice price of…

A: All expenses incurred to put an asset ready to use need to be capitalized. So asset cost will…

Q: A company purchased equipment valued at $263,000. It traded in old equipment for a $164,000 trade-in…

A: Introduction: Depreciation is the decrease in asset value brought on by things like time passing,…

Q: HnH Solutions acquired a machine by making the following payments: Net cash price Rs. 116,000…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Arca Salvage purchased equipment for $10,000. Arca recorded total depreciation of $8,000 on the…

A: Gain or (Loss) = Market value of assets received - (Book value of asset exchanged + Cash paid)

Q: Kingbird Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for…

A: If exchange of assets lacks commercial substance , i.e. fair values are not reliable then Property…

Q: An entity acquired a machine and incurred the following costs: Cash paid for machine, including VAT…

A: Assets: Assets are the resources of an organization used in the business operations to generate…

Q: Kingbird Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for…

A: Journal means the book of prime entry where all entries are recorded in different pages.

Q: Major Co. exchanged equipment with Minor, Inc. Pertinent data are shown below:   Major Co.Minor,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Alvarez and Reymond, both NGAs, exchanged their equipment. Relevant data is presented below…

A: Calculation of Initial Value of New Asset Initial value of New Asset       Fair Value of…

Q: COVID Company exchanged equipment used in its manufacturing operations plus €6,000 in cash for…

A: Journal Entry: A Journal Entry is simply a outline of the debits and credits of the transaction…

Q: XYZ Corp. acquired a new equipment. It had the following details: Invoice price of the machinery P…

A: Capitalized costs are incurred when building or purchasing a fixed asset. These expenses are not…

Q: Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Flint Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for…

A:

Q: Aylmer Inc. exchanged equipment used in its business for similar equipment used by Belmont Inc.…

A: (a.)   Description  Debit  Credit  Equipment (new) A/c  $19,000    Accumulated…

Q: Garcia Company owns equipment that cost $79,600, with accumulated depreciation of $42,200. Record…

A: Formulas: Gain (loss) on sale of Equipment = Sales value of the Equipment - Net book value of the…

Q: Crane Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for…

A: (1) Prepare journal entries for Crane Co. and Cheyenne Co. to record exchange, if exchange lacks…