Question
Kerry, Inc, exchanged land and cash of $8,000 for equipment. The land had a book value of $55,000 and a fair value of $60,000. In
Kerry, Inc, exchanged land and cash of $8,000 for equipment. The land had a book value of $55,000 and a fair value of $60,000. In addition, Kerry also exhanged old vehicle and cash of $6,500 for new vehicle. The land had a book value of $45,000 and a fair value of $34,000.
Required :
Prepare the journal entires to record the exchange. Assume the exchange has commercial substance.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, George Foster, Srikant M. Datar, Howard D. Teall, Foster Horngren, Data Horngren
3rd Canadian Edition
0130355801, 978-0130355805
