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please do both Crane Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360 ) for a small computer with a fair value of $3,366.
please do both
Crane Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360 ) for a small computer with a fair value of $3,366. Crane also paid $510 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Sunland Company purchased machinery on January 1,2025 , for $90,400. The machinery is estimated to have a salvage value of $9,040 after a useful life of 8 years. (a) Your answer is correct. Compute 2025 depreciation expense using the straight-line method. (b) Compute 2025 depreciation expense using the straight-line method assuming the machinery was purchased on September 1 , 2025. Depreciation expense $ eTextbook and MediaStep by Step Solution
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