Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12.000 cash. The old dust scrubber cost $76,200 and had a book value of $54.500. The new dust scrubber had a fair value of $58.500. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12.000 cash. The old dust scrubber cost $76,200 and had a book value of $54.500. The new dust scrubber had a fair value of $58.500. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
-
The following are some transactions of Surendal Company for 2014. Surendal Company uses straight-line depreciation and has a December 31 year end. Jan. 2 Scrapped a piece of equipment that originally...
-
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...
-
If a restaurant's total sales on a given day were $4,350.00, and the restaurant had served 365 customers, what is the average dollar sale? $10.05 $11.92 $11.35 $11.05
-
Explain how it might be possible to build an OS that uses full segmentation, but has no file system.
-
Discuss the three main challenges you will need to consider and explain how they should be applied in design thinking and considering a viable International Business Idea.
-
What is a CDR and what is it intended to accomplish?
-
Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141,...
-
The volume of water in Lake Tahoe is 151 cubic kilometers. If the water temperature increased from 5 degrees Celsius to 20 degrees Celsius, what would be the change in the volume of water in the lake...
-
The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies. For this problem, consider this data set as the population frame. a. Using the method in this section...
-
Identify the Board of Directors serving your Strategic Audit firm Whole Foods. Tell if the Board members are internal or external directors. If external directors, mention what organizations they...
-
You are required to analyze the City of Somerville's dataset, interpret results and report results. A tutorial dataset and the data project dataset are posted in ReggieNet under Resources/Projects...
-
Haywards Bay Seafoods General Journal GJ1 Date 30/9/x3 Depreciation Expense 30/9/X5 Details Accumulated depreciation Truck Depreciation expense for truck at time of sole. 30/9/x5 Accounts receivable...
-
Financial Planning Activities: This worksheet asks you to calculate Federal Taxes for the current year. For the amounts, deductions and taxes for the most recent tax year. You need to calculate the...
-
find the service revenue On August 1, 2025, the following were the account balances of Monty Repair Services. Cash Accounts Receivable Notes Receivable Supplies Equipment Debit $5,560 Accumulated...
-
1. HOW MUCH IS THE CONVERSION COST 2. HOW MUCH IS THE RAW MATERIALS END 3. HOW MUCH IS THE PRIME COST 4. HOW MUCH IS THE COST OF GOODS SOLD 5. HOW MUCH IS THE COST OF GOODS...
-
Richard Dennis turned $400 into $200million in 10 years. Assuming that he traded 260 days peryear, what was his daily ROI if he traded with a) %risk based on current capital (Dynamic Sizing)? b)...
-
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R
-
Ficus Tree Farm issued five $1,000 bonds with a stated annual interest rate of 12 percent on January 1, 2018. The bonds mature on January 1, 2023. Interest is paid semiannually on June 30 and...
-
Starbucks is a relatively young, fast-growing company that is a pioneer and leader in its industry. Excerpts from its 2014 statement of cash flows are as follows (dollars in millions): *Change in the...
-
The information below was taken from the 2015 annual report of Cisco Systems, a worldwide leader in networking for the Internet. Compute the missing amounts in the following table. Describe and...
-
Determine whether you can use a normal distribution to approximate the binomial distribution. If you can, find the mean and standard deviation. If you cannot, explain why. In a survey of U.S. adults,...
-
Out of 2000 randomly selected people, about how many would you expect to have IQ scores less than 90 ? In a standardized IQ test, scores are normally distributed, with a mean score of 100 and a...
-
What is the highest score that would still place a person in the bottom \(10 \%\) of the scores? In a standardized IQ test, scores are normally distributed, with a mean score of 100 and a...
Study smarter with the SolutionInn App