Montgomery Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas
Question:
List price of new melter.....................................................£15,800
Cash paid.......................................................................10,000
Cost of old melter (5-year life, £700 residual value) ....................12,700
Accumulated depreciation (old melter-straight-line) ....................7,200
Fair value of old melter........................................................5,200
Instructions
Prepare the journal entry(ies) necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Montgomery's year ends on December 31, and depreciation has been recorded through December 31, 2019.
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a Exchange has commercial substance Depreciation Expense 800 Accumulated Depreciation ...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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