Question: Gansac Company exchanged a used machine with a book value of $25,400 (cost $54,300 less $27,900 accumulated depreciation) and cash of S8,300 for a delivery

Gansac Company exchanged a used machine with a book value of

Gansac Company exchanged a used machine with a book value of $25,400 (cost $54,300 less $27,900 accumulated depreciation) and cash of S8,300 for a delivery truck. The machine is estimated to have a fair market value of $35,900. The cash flows related to the truck will be different from the cash flows generated from the use of the machine Requirement Prepare the jounal entry to record the exchange on the books of the Gansac Company. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Date of the Exchange

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Kling Company exchanged a used machine with a book value of $26, 500 (cost $54, 300 less $27, 800 accumulated depreciation) and cash of $8, 300 for a delivery truck. The machine is estimated to have...

Question Help Probst Company exchanged a used machine with a book value of $26,100 (cost $54,300 less $28,200 accumulated depreciation) and cash of $8,400 for a delivery truck. The machine is...

Clayton Company exchanged a used machine with a book value of $ 26,000 (cost $ 54,000 less $ 28,000 accumulated depreciation) and cash of $ 8,000 for a delivery truck. The machine is estimated to...

Mystic Company exchanged a used machine with a book value of $26,000 (cost $54,500 less $28,500 accumulated depreciation) and cash of $7,600 for a delivery truck. The machine is estimated to have a...

Flint Company exchanged a used machine with a book value of $25,900 (cost $53,800 less $27,900 accumulated depreciation) and cash of $7,700 for a delivery truck. The machine is estimated to have a...

Flint Company exchanged a used machine with a book value of $26,000 (cost $54,100 less $28,100 accumulated depreciation) and cash of $8,300 for a delivery truck. The machine is estimated to have a...

4 5 Established a petty cash Thu muie u nt Issues bonds, that pay interest annually on december 31. The bonds have a $130,000 par value, the annual contract rate is 12%, and the bonds mature in 15...

Question 22 Which of the following is a current liability? A long-term debt maturing currently, which is to be paid with cash in a sinking fund A long-term debt maturing currently, which is to be...

I need help with this assignment. Accounting chapter 9,10,11 CHAPTER 9 - ASSIGNMENT 1: Student Name Calculating the Amount of Bad Debts Expense Kimberly Thomas 1. INSTRUCTIONS: Calculate the amount...

Practice Problem 1 (20 minutes) UV-Protection Inc. (UVP) is a privately held Canadian company that manufactures generic sunscreens and related products for the consumer market. In January of this...

You have just been hired by Internal Business Machines Corporation (IBM) in their capital budgeting division. Your first assignment is to determine the free cash flows and NPV of a proposed new type...

1. To compensate for the collapse of intermediation and the fragility of financial markets during the 2007-2009 financial crisis, central banks deployed all but which of the following unconventional...

In the mid - 2 0 0 0 s , rising interest rates increased banks' cost of Blank _ _ _ _ _ _ and Blank _ _ _ _ _ _ . Multiple choice question. labor; capital salaries; benefits technology; operations...

AbnerCorporation's bonds mature in22 years and pay11 percent interest annually. If you purchase the bonds for$1,200, what is your yield tomaturity? Your yield to maturity on the Abner bonds...

5.45 It is known that 10% of all the items produced by a particular manufacturing process are defective. From the very large output of a single day, 400 items are selected at random. a. What is the...

5.41 Given a random sample size of n = 900 from a binomial probability distribution with P = 0.10 do the following: a. Find the probability that the number of successes is greater than 110. b. Find...

5.40 Given a random sample size of n = 1, 600 from a binomial probability distribution with P = 0.40, do the following: a. Find the probability that the number of successes is greater than 1,650. b....