Question: please help me!! #3 Problems-ACC-2371 St zonaws.com/learn useast-1-prod-fleeto1 .xythos/5b000e5 353 fae/2 7026 1 7?response-content-dispositions inline% eChegg-Online EBook , SJU Laptop Support Files-OneDrive SJU Laptop Policies

#3 Problems-ACC-2371 St zonaws.com/learn useast-1-prod-fleeto1 .xythos/5b000e5 353 fae/2 7026 1 7?response-content-dispositions inline% eChegg-Online EBook , SJU Laptop Support Files-OneDrive SJU Laptop Policies Problem #1 (non-monetary exchange Two independent companies, Bayer and Monsanto are in the chemical and pharmaceutical industries. Each owns a piece of laboratory equipment used in research and development of new products, but each would like the other firm's equipment. They agree to exchange the equipment. An appraiser was hired, and from her report and the companies' records, the following information was obtained: Bayer's Monsantos Equipment Equipment $826,000 $460,000 S250,000 $100,000 Fair value based upon appraisal $720,000 $630,000 Cost Accumulated depreciation The exchange was made and based on the difference in appraised fair values. Monsanto paid $90,000 to Bayer Instructions Prepare the entries on both companies' books assuming the exchange had no commercial substance. Also prepare the journal entries on both companies' books assuming the exchange had commercial substance Problem #2 (Depreciation) Donald Company purchased a machine on July 1, 2017, for $1,000,000. The machine has an estimated useful life of five years and a salvage value of $200,000. Total estimated operatine hours for the machin St #3 Problems-ACC-2371 >
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
