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can I get some help on this please Respond to the accounting situations below. Prepare the journal entries as required. Required Complete the following with
can I get some help on this please
Respond to the accounting situations below. Prepare the journal entries as required. Required Complete the following with the details provided. A. McLane Company exchanged an old mobile home and $3,000 cash for two used delivery trucks. The mobile home had been purchased 10 years ago for $70,000 and has since been fully depreciated. While the mobile home was recently appraised at $12,000, a refiabie valuaton for the trucks was not available. You, as the junior accountant, wil need to opply the rules for exchange of assets to determine if the transaction has cornmercial substance. McLane Company uses IFRS. Prepare the journal entry to record the exchange. (7 marks) B. Fastlane Delivery traded one of its used storage trallers, which cont $50,000 and accumulated depreciation of $46,000, with a fair value of $6,000 for a much newer trailer with a list price of $70,000. Fastlane Delivery also paid $60,000 cash. Prepare the journal entry to record the exchange using the far value standard. Fastiane Delvery follows IFRS. (7 marks) C. Assume that Fastiane Delivery was tired of the paint colour of the old trailer (figures as above), so they traded it for a similar used traler painted red. Fastlane Deivery received 5500 cash from the other party. Prepare the joumal entry to record the exchange. ( 6 marks) Question 6 (20 marks) Step by Step Solution
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