Kapor Ltd exchanged machinery with a cost of $350 000 and accumulated depreciation of $180 000 for
Question:
Kapor Ltd exchanged machinery with a cost of $350 000 and accumulated depreciation of $180 000 for a parcel of land. There were no other assets given in exchange. Ignore GST.
Required
Prepare general journal entries to record the exchange assuming:
1. the trade-in value of the machinery was $190 000
2. the trade-in value of the machinery was $150 000.
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Step by Step Answer:
1 Land 190 000 Proceeds from Sale of Machinery 190 000 Exchange machinery for land Carr...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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