Question
Asset 4: This machinery was acquired via trade in. Details on the trade in are listed below. Cost of old machine used in trade $100,000
Asset 4: This machinery was acquired via trade in. Details on the trade in are listed below.
Cost of old machine used in trade $100,000
Accumulated depreciation to date of sale 40,000
Fair value of machinery traded 80,000
Cash received 10,000
Fair value of machinery acquired 70,000
what will the following journal entry be for the purchaser of the trade?
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
4th Edition
1119607515, 978-1119607519
