Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 05, 2024

The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188,000. Bronco received $29,000 from

The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188,000. Bronco received $29,000 from the owner of the equipment to complete the exchange which has commercial substance.

1. What is the fair value of the equipment?

2. Prepare the journal entry to record the exchange.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

34. Suppose that when the pH of a certain chemical compound is 5.00, the pH measured by a randomly selected beginning chemistry student is a random variable with mean 5.00 and standard deviation .2....

Answered: 1 week ago

Question

★★★★★

Your clients degree of risk aversion is A = 3.5. a. What proportion, y, of the total investment should be invested in your fund? b. What is the expected value and standard deviation of the rate of...

Answered: 1 week ago

Question

★★★★★

Davner Enterprises recently used 13,200 labor hours to produce 7,300 completed units. Accorcing to manufacturing specifications. each unit is anticipated to take two hours to complete. The company's...

Answered: 1 week ago

Question

★★★★★

How do I solve this? Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd = 11%, and its common stock currently pays a $2.25 dividend per share (Do...

Answered: 1 week ago

Question

★★★★★

1. Describe the ecological impact of *Ailanthus altissima* on native plant species in the reserve. 2. Discuss the mechanisms by which *Ailanthus altissima* outcompetes native plants. Include at least...

Answered: 1 week ago

Question

★★★★★

1. Define and differentiate between the terms genotype and phenotype. Provide an example to illustrate your answer. 2. Explain the concept of incomplete dominance. How does it differ from...

Answered: 1 week ago

Question

★★★★★

In a plant species, the allele for purple flowers (P) is dominant over the allele for white flowers (p), and the allele for tall plants (T) is dominant over the allele for short plants (t). A plant...

Answered: 1 week ago

Question

★★★★★

Question 1: What is Ohms Law and how is it mathematically represented? Question 2: Explain Kirchhoffs Current Law (KCL) and Kirchhoffs Voltage Law (KVL). Question 3:What is Thevenins Theorem and how...

Answered: 1 week ago

Question

★★★★★

Q1: What is performance measurement in accounting? Q2: What are Key Performance Indicators (KPIs), and why are they important?

Answered: 1 week ago

Previous Question Next Question