Blue inc. has negotiated the purchase of a new piece of automatic equipment at a price of $11,040 plus trade-in, f. o.b. factory. blue inc. paid $11,040 cash and traded in used equipment. the used equipment had originally cost $85,560; it had a book value of $57,960 and a secondhand fair value of $65,964, as indicated by recent transactions involving similar equipment. freight and installation charges for the new equipment required a cash payment of $1,518. a) prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (credit account titles are automatically indented when amount is entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)
*** there are 5 journal entries in this problem
b) assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. prepare the general journal entry to record this transaction.
Answers: 2
Other questions on the subject: Business
Business, 22.06.2019 03:30, shawnplayzsavage
He aldermanalderman company has prepared a sales budget of 42 comma 00042,000 finished units for a 3-month period. the company has an inventory of 10 comma 00010,000 units of finished goods on hand at december 31 and has a target finished goods inventory of 11 comma 00011,000 units at the end of the succeeding quarter. it takes 44 gallons of direct materials to make one unit of finished product. the company has inventory of 64 comma 00064,000 gallons of direct materials at december 31 and has a target ending inventory of 53 comma 00053,000 gallons at the end of the succeeding quarter. how many gallons of direct materials should aldermanalderman company purchase during the 3 months ending march 31? select the labels and enter the amounts to calculate the direct materials (gallons) to be purchased.
Answers: 3
Business, 22.06.2019 10:40, esta54
At cooly cola, we are testing the appeal of our new diet one cola. in a taste test of 250 randomly chosen cola drinkers, 200 consumers preferred diet one cola to the leading brand. assuming that the sample were large enough, the large-sample 95% confidence interval for the population proportion of cola drinkers that prefer diet one cola would be:
Answers: 1
Business, 22.06.2019 21:30, natasniebow
True or false payroll withholding includes income tax, social security tax, medicare tax as well as money you deduct for your retirement fund.
Answers: 1
Do you know the correct answer?
Blue inc. has negotiated the purchase of a new piece of automatic equipment at a price of $11,040 pl...
Questions in other subjects:
Mathematics, 12.03.2020 02:37
Business, 12.03.2020 02:37
