An entity acquired an item of plant in exchange for an item of equipment. The equipment has

Fantastic news! We've Found the answer you've been seeking!

Question:

An entity acquired an item of plant in exchange for an item of equipment. The equipment has a carrying amount of $30000 and a fair value of $40000.

What is the the journal entry to record the acquisition of the plant?

Related Book For answer-question

Financial Accounting an introduction to concepts, methods and uses

ISBN: 978-0324789003

13th Edition

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

See More Books

Posted Date: Mar 07, 2024 12:27 AM

See More Questions

The Project Data file provided for you contains information that you may use to help you complete certain questions. You will be directed to this file as required in the questions below. Canaans...
You have a machine that produces a beam of x mesons moving at a speed of 0.9428c. In your lab, you aim this beam at a target that is 88.18 m away from your machine. The half-life for z meson decays...
Comprehensive review problem. Exhibit 16.10 (On page 799) present a consolidated statement of income and retained earnings for 2009, and Exhibit 16.11 (on pages 800'801) presents a consolidated...
Informative Speech Critique Evaluating Rhetorical Choices You may just number the questions and add a paragraph or two to answer - 1. Did you find the speaker credible? Why or why not? 2. Did the...
Len Thomas, the accountant for Lancaster Consulting, prepared the worksheet shown on the next page on a computer spreadsheet but has lost much of the data. The only particular item Thomas can recall...
A parallel-plate capacitor is to be constructed by using, as a dielectric, rubber with a dielectric constant of 3.20 and a dielectric strength of 15.0 MV/m. The capacitor is to have a capacitance of...
In a game of cards you are dealt a hand of six cards at random from a standard deck of 52 cards. You are declared winner if you are being dealt an ace, two kings and three queens. Find the...
A group of high-risk automobile drivers (with three moving violations in one year) are required, according to random assignment, either to attend a traffic school or to perform supervised volunteer...
1. What are cost-volume-profit analysis underlying assumptions and what would you do if assumptions are not met? 2. Do research and discuss cost behavior analysis from the company that you work for...
Oil (u= 0.38 N.s/m^2) flows between parallel plates spaced 5mm apart. The bottom plate is fixed, but the upper plate moves with a velocity of 0.24 in the positive x direction. The pressure gradient...
1.) UNSPSC provides a universally accepted metadata layer for organizing and controlling spend data. This standardization is key to driving accurate organization and correlation of spend data and to...
A satellite is orbiting the earth, and is headed straight for a collision with another satellite on the same orbit. The satellite fires its jets backwards in order to slightly decrease its speed....
Mickey, a daredevil mouse of mass 0.0201 kg, is attempting to become the world's first "mouse cannonball." He is loaded into a spring-powered gun pointing up at some angle and is shot into the air....
A vehicle is initially traveling at 3 m / s in the negative x direction. After 4 seconds the vehicle is traveling 2 m / s in the positive y direction. Assume the vehicle has a constant acceleration...
Date Explanation Units Unit Cost Total Cost 1-Jan Inventory 250 $ 12.00 $ 3,000.00 15-Feb Purchases 155 $ 13.50 $ 2,092.50 12-Apr Purchases 260 $ 13.90 $ 3,614.00 5-May Sale 490 3-Jun Purchases 200 $...
One uniform sphere of matter has a radius of 0.50 m and a mass of 65 kg. A second uniform sphere has a radius of 0.80 m and a mass of 87 kg. The surfaces of the spheres are 1.20 m apart, as measured...
You are delighted to receive a large order from Greg Waller at New Bodies Gym. This order includes two Lifecycle Trainers (at $1,295 each), four Pro Abdominal Boards (at $295 each), three Tunturi...
Find the APR in each of the following cases: NUMBER OF TIMES COMPOUNDED Semiannually Monthly Weekly Infinite EAR APR 10.4% 8.9 11.6 15.4
Profitability analysis for two companies The following data show fie items from the financial statements of two companies for a recent war (amounts in millions): aNet Income + [Interest Expense x (1...
The statement of cash flows for the year ended March 1.2008 (fiscal 2007), of Bed, Bath and Beyond. Inc. (BBB), a U.S. home products retailer, appears in Exhibit 1.12. BBB reports all amounts in...
Accounting for prepayments. LG Corporation, a Korean multinational firm, reported an ending balance for Prepayments of KRW 345,609 million for the year ending December 31, 2007. For the year ended...
What is meant by lower of cost and net realizable value? What difficulties exist in the application of this measurement basis?
In essence, a liability is a future obligation to pay out money, arising from a past event. A. True. B. False.
Under IAS 37, a provision is a liability of uncertain timing or amount. A. True. B. False.

An entity acquired an item of plant in exchange for an item of equipment. The equipment has

Question:

Expert Answer:

Answer To record the acquisition of the plant in exchange for the ... View the full answer

Financial Accounting an introduction to concepts, methods and uses

Students also viewed these accounting questions