Question 1: Prepare the general journal entry to record the exchange, recording the new computer in an account called new computer.

Question 2: Prepare the journal entry to record the above acquisition.

1. Wilkins Company exchanged its old computer for a newer model. The Old Computer account had a balance of $19,000, with related accumulated amortization of $16,500 to the date of the exchange. The new computer had a cash price of $31,200, which is a reliable fair market value, and Wilkins Company was given a $7,500 trade-in allowance. Prepare the general journal entry to record the exchange, recording the new computer in an account called New Computer. Title PR Debit 2. On January 15, 2014 Bedford Industries paid $450,000 cash to buy the capital assets of another company that went out of business. An independent appraiser assigned the following fair values to the assets acquired: Land Building Equipment Total $348,000 162,000 90,000 $600,000 Prepare the journal entry to record the acquisition. Account Title Debit Date Page 1