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Please answer. Thank you. Exercise 10-17 Sunland Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and
Please answer. Thank you.
Exercise 10-17 Sunland Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter $15,600 Cash paid 10,600 Cost of old melter (5-year life, $680 residual value) 14,180 8,100 Accumulated depreciation on old melter (straight-line) 6,440 Market value of old melter in active secondary market Assuming that Sunland's fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entries that are necessary to record this exchange (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Account Titles and Explanation Debit (To record depreciation expense to date of exchange) (To record equipment exchange) SHOW LIST OF ACCOUNTS LINK XT List Of Accounts Exercise 10-17 Accounts Payable Accounts Recelvable Accumulated Depreciation Buildings Accumulated Depreclation Equipment Accumulated Depreclation Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreclation Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus Donated Capital Cost of Goods Sold Deferred Revenue Government Grants Depreclation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Recelvable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability VehiclesStep by Step Solution
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