Kapor Ltd exchanged machinery with a cost of ($175) 000 and accumulated depreciation of ($90) 000 for

Question:

Kapor Ltd exchanged machinery with a cost of $$175$ 000 and accumulated depreciation of $$90$ 000 for a parcel of land. There were no other assets given in exchange. Ignore GST.

Required

(a) Prepare general journal entries to record the exchange assuming:

i. the trade-in value of the machinery was $$95$ 000 ii. the trade-in value of the machinery was $$75$ 000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780730382737

11th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie

See More Books

Question Posted: Apr 25, 2024 06:02 AM

See More Questions

Kapor Ltd exchanged machinery with a cost of $350 000 and accumulated depreciation of $180 000 for a parcel of land. There were no other assets given in exchange. Ignore GST. Required Prepare general...
https://www.youtube.com/watch?v=ivS3BxQAVDw You are the law enforcement officer who investigates the crime in question. You watch the video. Develop questions for witnesses based on the 5W's and H...
1.If a private company with break-even operations received a $10 million investment, how would you develop a strategy to spend or invest that money? 2.What challenges have you faced in leading a team...
Sunland Company has the below information for accruals for the year ended December 31st, 2022. the company adjusts its accounts annually. Chapter 4 Homework e Question 6 of 7 Current Attempt in...
Executive officers of Roth Company have prepared the annual budgets for its two products, Washer and Dryer, as follows: Required a. Based on the number of units budgeted to be sold, determine the...
The quaternions are three quantities i, j, and k such that, along with the real number 1, they form the basis of a four-dimensional space over the real numbers. The objects i, j, and k have...
1-2. Marketing focuses on and consumer needs.
The following information has been collected regarding Burton Dee Company: Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Swifty Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $15.00 each 4 Sale 80 units at $19.00 each 11 Purchase 150 units at $16.40 each 13 Sale 120...
On 1 January 2022, Leibhardt Ltd acquired two identical pieces of equipment for a total cost of $$540$ 000. It was estimated that each item would have a useful life of 8 years and a residual value...
On 4 March 2025, Nguyen Ltd exchanged a machine with a cost of $$307$ 000 and accumulated depreciation of $$107$ 000 for a new similar machine with a cash price of $$330$ 000. Ignore GST....
In June, Dakota Company reports the following for the month of June: \section*{Instructions} (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. (b)...
Suggest at least 3 touchpoints for each stage of the decision-making process that SEDO can use. Search and find in which of the touchpoints for information search stage suggested by you, can you see...
How do modern database management systems address the challenges posed by Big Data, including storage, processing, and analysis of massive volumes of heterogeneous data, while maintaining performance...
Describe how the various and sometimes seemingly unrelated topic areas work together toward managing healthcare quality
find Fourier series of the following functions (a) f1(x) = sinh(x), (b) f2(x) = cosh(x), (c) f3(x) = x + |x|, (d) f4(x) = x|x|.
Explore the realm of database transaction processing, elucidating the nuances of ACID (Atomicity, Consistency, Isolation, Durability) properties and their manifestation in ensuring transactional...
Bird foraging behavior is being studied in a managed forest that is made up of Douglas fir (52% of canopy volume), ponderosa pine (36%), and grand fir (12%).Two hundred thirty-eight red-breasted...
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
Series of Compound Interest Techniques The following are several situations involving compound interest. Required: Using the appropriate table, solve each of the following: ( Click here to access the...
If Clark Kelly has recognized gain on an exchange of like-kind property held for investment use, where does Clark report the gain? First on Form 8824, then carried to Schedule D. First on Form 8824,...
An investor put 40% of her money in Stock A and 60% in Stock B. Stock A has a beta of 1.2 and Stock B has a beta of 1.6. If the risk-free rate is 5% and the expected return on the market is 12%,...

Kapor Ltd exchanged machinery with a cost of ($175) 000 and accumulated depreciation of ($90) 000 for

Question:

Step by Step Answer:

Accounting

Students also viewed these Business questions