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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 10, Problem 6MC
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 9C
Problem 10C
Problem 11C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Ashton Company exchanged a nonmonetary asset with a cost of $30,000 and accumulated depreciation of $16,000 for another nonmonetary asset worth $12,000. Ashton also received $1,400 cash. In the entry to record this exchange, Ashton should record a:

  1. a. $2,000 gain
  2. b. $2,000 loss
  3. c. $600 gain
  4. d. $600 loss

To determine

Ascertain the amount of gain or loss recorded for the non-monetary asset exchanged.

Explanation

Nonmonetary exchange:

Nonmonetary exchange is a reciprocal transfer among a company and another organization wherein, the company obtains nonmonetary assets or services by surrendering other “nonmonetary assets or services”.

Justification for the incorrect option a, b and c:

$2,000 gain, $2,000 loss, and $600 gain is not recorded in the entry for this non-monetary exchange. Therefore, these are incorrect options.

Justification for the correct option d:

Calculate the amount of gain (loss) on exchange:

Gain or Loss on exchange =  [Cost of other asset acquired−(Fair value of asset surrendered−

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Ch-10 P-1GICh-10 P-2GICh-10 P-3GICh-10 P-4GICh-10 P-5GICh-10 P-6GICh-10 P-7GICh-10 P-8GICh-10 P-9GICh-10 P-10GI
Ch-10 P-11GICh-10 P-12GICh-10 P-13GICh-10 P-14GICh-10 P-15GICh-10 P-16GICh-10 P-17GICh-10 P-18GICh-10 P-19GICh-10 P-20GICh-10 P-21GICh-10 P-1MCCh-10 P-2MCCh-10 P-3MCCh-10 P-4MCCh-10 P-5MCCh-10 P-6MCCh-10 P-7MCCh-10 P-8MCCh-10 P-9MCCh-10 P-10MCCh-10 P-1RECh-10 P-2RECh-10 P-3RECh-10 P-4RECh-10 P-5RECh-10 P-6RECh-10 P-7RECh-10 P-8RECh-10 P-9RECh-10 P-10RECh-10 P-11RECh-10 P-12RECh-10 P-1ECh-10 P-2ECh-10 P-3ECh-10 P-4ECh-10 P-5ECh-10 P-6ECh-10 P-7ECh-10 P-8ECh-10 P-9ECh-10 P-10ECh-10 P-11ECh-10 P-12ECh-10 P-13ECh-10 P-14ECh-10 P-15ECh-10 P-16ECh-10 P-17ECh-10 P-18ECh-10 P-19ECh-10 P-20ECh-10 P-21ECh-10 P-1PCh-10 P-2PCh-10 P-3PCh-10 P-4PCh-10 P-5PCh-10 P-6PCh-10 P-7PCh-10 P-8PCh-10 P-9PCh-10 P-10PCh-10 P-11PCh-10 P-1CCh-10 P-2CCh-10 P-3CCh-10 P-4CCh-10 P-5CCh-10 P-6CCh-10 P-7CCh-10 P-9CCh-10 P-10CCh-10 P-11C

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