On September 12, Cheyenne Company agreed to an exchange of assets with another company. Cheyenne gave up
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On September 12, Cheyenne Company agreed to an exchange of assets with another company. Cheyenne gave up a machine with an original cost of $50,100. $30,500 in accumulated depreciation had been recorded on this machine over the course of Cheyenne’s ownership. Cheyenne determined that the machine being given up had a fair value of $18,500. Cheyenne also paid $7,600 in cash. Assume that Cheyenne follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Cheyenne’s books.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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