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Blue Spruce Inc. trades its used machine (cost $11,900 less $4,100 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which
Blue Spruce Inc. trades its used machine (cost $11,900 less $4,100 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $11,000), Blue Spruce also paid cash of $3,200.
Prepare journal entry to record exchange of assets by Blue Spruce Inc.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
