On October 6, 2021, Westem Farms Co. traded in an old tractor for a new one,...

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On October 6, 2021, Westem Farms Co. traded in an old tractor for a new one, receiving a SXXX trade-in allowance and paying the remaining $XXX in cash. The old tractor cost $XXX, and straight-line depreciation of $XXX had been recorded as of October 6, 2021. Assume the fair value of the new tractor awas equal to the trade-in allowance of the old tractor plus the cash paid Trade-in allowance Cash payment Old tractor cost Accumulated depreciation - old tractor $56,820 Date of trade-in 2021-10-06 $163, 180 $190,550 $105,550 Useful life Company's year end 2021-12-31 7. REQUIRED: 10 a. What is the carrying amount of the old tractor? b. What amount should be debited to the new Tractor account? 11 c. What is the gain or loss on the exchange? (show the amount as positive regardless of whether it is a gain or 12 loss) 14 d. Record the exchange ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL-REFERENCED FROM THE DATA ABOVE Date Account Titles Debit Credit 15 16 17 Question 1 Question 2 Qsestion 3 Question 4 4 REQUIRED: ho a. What is the carrying amount of the old tractor? b. What amount should be debited to the new Tractor account? c What is the gain or loss on the exchange? (show the amount as positive regardiess of whether it is a gain or 12 loss) d. Record the exchange. ALL AMOUNTS IN THE GREEN BOXES MUST RE CELL-REFERENCED FROM THE DATA ABOVE. 14 Debit Credit Date Account Titles 15 16 17 48 20 21 22 (23 24 On October 6, 2021, Westem Farms Co. traded in an old tractor for a new one, receiving a SXXX trade-in allowance and paying the remaining $XXX in cash. The old tractor cost $XXX, and straight-line depreciation of $XXX had been recorded as of October 6, 2021. Assume the fair value of the new tractor awas equal to the trade-in allowance of the old tractor plus the cash paid Trade-in allowance Cash payment Old tractor cost Accumulated depreciation - old tractor $56,820 Date of trade-in 2021-10-06 $163, 180 $190,550 $105,550 Useful life Company's year end 2021-12-31 7. REQUIRED: 10 a. What is the carrying amount of the old tractor? b. What amount should be debited to the new Tractor account? 11 c. What is the gain or loss on the exchange? (show the amount as positive regardless of whether it is a gain or 12 loss) 14 d. Record the exchange ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL-REFERENCED FROM THE DATA ABOVE Date Account Titles Debit Credit 15 16 17 Question 1 Question 2 Qsestion 3 Question 4 4 REQUIRED: ho a. What is the carrying amount of the old tractor? b. What amount should be debited to the new Tractor account? c What is the gain or loss on the exchange? (show the amount as positive regardiess of whether it is a gain or 12 loss) d. Record the exchange. ALL AMOUNTS IN THE GREEN BOXES MUST RE CELL-REFERENCED FROM THE DATA ABOVE. 14 Debit Credit Date Account Titles 15 16 17 48 20 21 22 (23 24

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a Carrying amount Cost purchase Accumulated deprecia... View the full answer