Question: Krisrali Corporation traded a used truck cost 23 000 accumulated depreciation
Krisrali Corporation traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck worth $3,700. Kristali also paid $3 00 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance.
Answer to relevant QuestionsSeymour Ltd. traded a used welding machine (cost $9,000, accumulated depreciation $2,000, fair value $3,000) for office equipment with an estimated fair value of $8,000. Seymour also paid $4,000 cash in the transaction. ...Lowell Corporation acquires a gold mine at a cost of $400,000. Development costs that were incurred total $100,000, including $12,300 of depreciation on movable equipment to construct mine shafts. Based on construction to ...Brent Hill Company (see BEI0-21) borrowed $1 million on March I on a five-year, 12% note to help finance the building construction. In addition, the company had outstanding all year a $2-million, five-year, 13% note payable ...Wizard Corp., a private company, obtained land by issuing 2,000 of its no par value common shares. The land was appraised at $85,000 by a reliable, independent valuator on the date of acquisition. Last year, Wizard sold ...Carver Inc. recently replaced a piece of automatic equipment at a net price of $4,000, f.o.b. factory. The replacement was necessary because one of Carver's employees had accidentally backed his truck into Carver's original ...
Post your question