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The company had a production line on 1.1.2016 at a cost of 80,000 and without a residual value and the estimated useful life on that
The company had a production line on 1.1.2016 at a cost of 80,000 and without a residual value and the estimated useful life on that date was 10 years using the straight-line method and at the end of 2020 the company decided
Required
1.purchase product line
2. disposal asset
3. exchange the asset for another asset whose fair value is 28,000 and pay 5,000 cash
4. The asset was sold for $ 32,000
Required
1.purchase product line
2. disposal asset
3. exchange the asset for another asset whose fair value is 28,000 and pay 5,000 cash
4. The asset was sold for $ 32,000
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There are 3 Steps involved in it
Step: 1
Purchase of production line Debit Production line asset 80000 Credit Cash or Accounts payable 80000 ...
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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
