Question three: SA Co. owned represented in statement of financial positions in 31/12/2016 equipment at cost...

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Question three: SA Co. owned represented in statement of financial positions in 31/12/2016 equipment at cost $1.820,000 and accumulated depreciation of $1,500,000 (useful life 12 years and 20,000 residual value). On 31 October 2017 the equipment has a fair value of $235.000) it is exchanged for a similar equipment with a fair value of S 280,000 (TO years useful life) and the proper amount of cash is paid. The exchange lacked commercial substance. Required: Journalize all entries on 31/10/2017 and 31 December 2017? S Question three: SA Co. owned represented in statement of financial positions in 31/12/2016 equipment at cost $1.820,000 and accumulated depreciation of $1,500,000 (useful life 12 years and 20,000 residual value). On 31 October 2017 the equipment has a fair value of $235.000) it is exchanged for a similar equipment with a fair value of S 280,000 (TO years useful life) and the proper amount of cash is paid. The exchange lacked commercial substance. Required: Journalize all entries on 31/10/2017 and 31 December 2017? S

Answer rating: 100% (QA)

Answer 31102017 Equipment 235000 Accounts Payable 235000 Equipment 280000 Cash 235000 31122017 Equip... View the full answer