Seymour 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. Prepare the journal entry to record the exchange. T he equipment results in different cash flows for Seymour, compared with those the welding machine produced.
Answer to relevant QuestionsSpencer Ltd. traded a used truck (cost $30,000, accumulated depreciation $27,000, fair value $2,000) for a new truck worth $35,000. Spencer also made a cash payment of $31,000. Prepare Spencers entry to record the exchange, ...Valued Assets Inc., a publicly listed company, has a manufacturing plant with an initial cost of $100,000. At December 31, 2014, the date of revaluation, accumulated depreciation amounted to $55,000. The fair value of the ...Use the information for Brent Hill Company from BE 10-21 and BE10-22. Calculate the company's avoidable borrowing costs assuming Brent Hill Company follows IFRS. How would your answer change if the company followed ASPE? In ...The following assets have been recognized as items of property, plant, and equipment. 1. Head office boardroom table and executive chairs 2. A landfill site 3. Wooden pallets in a warehouse 4. Forklift vehicles in a ...Wen Corp., located in Manitoba, both purchases and constructs various pieces of equipment that it uses in its operations. The following items are for two different pieces of equipment and were recorded in random order during ...
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