TRADE OF SIMILAR ASSETS. Percival, a local rock band, decided to trade its sound and light control
Question:
TRADE OF SIMILAR ASSETS. Percival, a local rock band, decided to trade its sound and light control board for a newer, more capable board. Percival paid $27,300 cash and traded in its old control board to acquire the new one. The following data are available for the old control board:
REQUIRED:
1. Prepare the journal entry to record this trade if the fair value of the old control board is $5,800.
2. Prepare the journal entry to record this trade if the fair value of the old control board is $2,300.
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Muhammad Salman Alvi
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