Question: please explain Tosh Corp, has agreed to exchango an old computed sysiom lor a van from inconclusive, ine, in addition, Inconclusive wil pay Tosh $2,000.

please explain please explain Tosh Corp, has agreed to exchango an old computed

Tosh Corp, has agreed to exchango an old computed sysiom lor a van from inconclusive, ine, in addition, Inconclusive wil pay Tosh $2,000. The computer oniginaly cost Tosh $25,000 and its current book value is $14,000. The van's original cont was $30,000 and its accumulated depreciation is $12,000. The appraised value of the computer is $15,000, and the apprised value of the van is $13,000 Required: Prepare the journat entries to record the exchange on boeh companies' books General Joumal General Journal Instructions

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!

Explain how personal selling can help solve the problem of information overload.

Tosh Corp. has agreed to exchange an old computer system for a van from Inconclusive, Inc. In addition, Inconclusive will pay Tosh $2,000. The computer originally cost Tosh $25,000 and its current...

Polluter Corp. (PC), an SEC registrant, operates three manufacturing facilities in the United States. PC manufactures various household cleaning products at each facility, which are sold to retail...

Hello I am also having trouble with this one, Please explain Testcom Corp. has net income of $2 million, an effective tax rate of 35%, interest expense of $400,000, an asset turnover of 2, and $14...

How do you get number 1? can someone please explain Contingent Corp has $15 million of debt outstanding. It has a coupon rate of 8% and pays coupons twice a year. The debt matures in 10 years and is...

Please explain Merrill Corp. has the following information available about a potential capital investment: Initial investment Annual net income Expected life Salvage value Merrill's cost of capital $...

I don't understand why I am crediting common stock for $5,000 and additional paid in capital for $40,000. Can someone please explain? Farley Corp. has 50,000 shares of $1 par value common stock...

1. BE.04.18.ALGO Bank Reconciliation 2. BE.04.19.ALGO Tosh Corp. prepares monthly bank reconciliations as part of its cash controls. Tosh's bank provided the following amount about Tosh's cash...

Bank Reconciliation Tosh Corp. prepares monthly bank reconciliations as part of its cash controls. Tosh's bank provided the following amount about Tosh's cash balance at the bank for during the month...

4.1 Tosh Corp. prepares monthly bank reconciliations as part of its cash controls. Tosh's bank provided the following amount about Tosh's cash balance at the bank for during the month of April:...

4 5. The Wilson Company has an opportunity to invest in one of two new projects. They are mutually exclusive. Project A 10 requires a $300,000 investment for the new machinery with a 5-year life and...

The effects of the wind on a balloon are determined by means of a 1/15 scale model in a wind tunnel a) at what air speed in the tunnel would represent exactly one speed 30 km / h on the prototype? To...

On May 1 of Year 1 , the company paid $ 6 , 6 4 8 cash for rent. This $ 6 , 6 4 8 rental payment covers the period from May 1 of Year 1 to April 3 0 of Year 2 . Which ONE of the following would be...

2. Explain the parameters in the following method and how this method draws the sprite. SpriteBatch Draw (Texture2D texture, Vector2 position, Nullable srcRectangle, Color color, float rotation,...