Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 10, 2024

a Laura Company exchanged a machine (cost $5,000, accumulated depreciation $3,200) with a fair value of $1.500 for a truck. The exchange lacks commercial substance.

a Laura Company exchanged a machine (cost $5,000, accumulated depreciation $3,200) with a fair value of $1.500 for a truck. The exchange lacks commercial substance. The Loss on disposal of machine $300 zain on disposal of truck $300 O machine 55.000 The exchange does not need to be recorded

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

9.1. Describe the key features of oppositional defiant disorder (ODD) and conduct disorder (CD). Explain how conduct problems vary as a function of childrens age of onset, gender, and capacity for...

Answered: 1 week ago

Question

★★★★★

Angela Duffy, president of Duffy Company, has instructed Jana Barth, the head of the accounting department for Duffy Company, to report the companys land in the companys accounting reports at its...

Answered: 1 week ago

Question

★★★★★

Discount loan (interest and principal at maturity). Chuck Ponzi has talked an elderly woman into loaning him $45,000 for a new business venture. She has, however, successfully passed a finance class...

Answered: 1 week ago

Question

★★★★★

Mr. Maillet has contributed $94.00 at the end of each six months into an RRSP paying 3% per annum compounded annually. How much will Mr.Maillet have in the RRSP after 15 years? How much of the above...

Answered: 1 week ago

Question

★★★★★

2 Sundial Company has assigned $710,000 in total overhead cost to four different activity cost pools. The activity requirements for its two products lines, Economy and Deluxe, are shown below. Input...

Answered: 1 week ago

Question

★★★★★

Water enters a crossflow heat exchanger (both fluids unmixed) at 16 C and flows at the rate of 7.5 kg/s to cool 10.0 kg/s of air from 120 C. For an overall heat transfer coefficient of 225 W/m K and...

Answered: 1 week ago

Question

★★★★★

In week 4, you will choose your topic and write thesis statement for the Argumentative Essay. Please select a topic and complete thesis statement. You are free to select whatever topic you like, as...

Answered: 1 week ago

Question

★★★★★

https://youtu.be/Mi1QBxVjZAw Please watch the video and share the essential points in the movie

Answered: 1 week ago

Question

★★★★★

Based on the set-up of the 3D cantilevered beam ANSYS/Workbench model, model the beam with a single 2D beam element. After boundary conditions are applied, the model will reduce to a 2 2 global mass...

Answered: 1 week ago

Previous Question Next Question