Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume Oakwood Manutactueing bought three machines in a $90,000 lump-sum purchase. An independent appraiser valued the machines as follows: (Click the icon to vlew the

image text in transcribed
image text in transcribed
Assume Oakwood Manutactueing bought three machines in a $90,000 lump-sum purchase. An independent appraiser valued the machines as follows: (Click the icon to vlew the valuation-) Oakwood paid cone-third in cash and signed a nole payable for the remaindee. What is each machine's individual cost? immediately after making this purchase, Oakwood sold machine 2 for its apprained value. What is the result of the sale? Prepare the journal entry so record the sale. Oakwood paid one-third in cash and signed a note payable for the remainder. What is each machine's indivdual cont? (Round the proportions to three decimal places. Round your final costs answers to the nearest whole dollar.) Machine 1 's cost is Machine 2s cost is 1 Machine 3 sost is 1 immediately after making tivis purchase, Oakwood sold machine 2 for as apprased value. What is the resuit of the sale? (Round your answer to nearest dollar) Valuation are the journal entry to record the sale. (Record dedits first, th

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Managerial Accounting College Of Dupage Edition

Authors: Karen Wilken Braun, Wendy M. Tietz

3rd Edition

1269222430, 978-1269222433

More Books

Students also viewed these Accounting questions