ACC 220 More practice problems for exchanges Presented below are 3 independent transactions. All have commercial...

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ACC 220 More practice problems for exchanges Presented below are 3 independent transactions. All have commercial substance. 1. Sidney Co. exchanged old trucks (Cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fmv of $36,000. Prepare the entry to record the exchange. 2. Lupa Inc. trades its used machine (Cost $12,000 less accumulated depreciation of $4,000) for a new machine. In addition to exchanging the old machine (which had a fmv of $9,000) Lupa paid cash of $3,000. Prepare the entry to record the exchange. 3. Coran's Delivery and Enright's Express exchanged delivery trucks on January 1, 2012. Coran's truck cost $22,000. It has accumulated depreciation of $15,000 and a fmv of $4,000. Enright's truck cost $10,000 and has accumulated depreciation of $8,000 and a fmv of $4,000. Prepare the entries for both companies. ACC 220 More practice problems for exchanges Presented below are 3 independent transactions. All have commercial substance. 1. Sidney Co. exchanged old trucks (Cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fmv of $36,000. Prepare the entry to record the exchange. 2. Lupa Inc. trades its used machine (Cost $12,000 less accumulated depreciation of $4,000) for a new machine. In addition to exchanging the old machine (which had a fmv of $9,000) Lupa paid cash of $3,000. Prepare the entry to record the exchange. 3. Coran's Delivery and Enright's Express exchanged delivery trucks on January 1, 2012. Coran's truck cost $22,000. It has accumulated depreciation of $15,000 and a fmv of $4,000. Enright's truck cost $10,000 and has accumulated depreciation of $8,000 and a fmv of $4,000. Prepare the entries for both companies.