Kapor Ltd exchanged machinery with a cost of ($175) 000 and accumulated depreciation of ($90) 000 for

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Kapor Ltd exchanged machinery with a cost of $$175$ 000 and accumulated depreciation of $$90$ 000 for a parcel of land. There were no other assets given in exchange. Ignore GST.

Required

(a) Prepare general journal entries to record the exchange assuming:

i. the trade-in value of the machinery was $$95$ 000 ii. the trade-in value of the machinery was $$75$ 000.

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Accounting

ISBN: 9780730382737

11th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie

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Question Posted: Apr 25, 2024 06:02 AM

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Kapor Ltd exchanged machinery with a cost of ($175) 000 and accumulated depreciation of ($90) 000 for

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Accounting

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