A company acquires $45,000 in new web servers. In exchange, the company trades in old web servers along with a cash payment. The old servers originally cost $30,000 and had accumulated depreciation of $23,400 at the time of the trade. Prepare entries to record the trade under two different assumptions where (a) the exchange has commercial substance and the old servers have a trade-in allowance of $3,000 and (b) the exchange has commercial substance and the old servers have a trade-in allowance of $7,000.

A machine costing P120,000, with accumulated depreciation of P95,000, with a fair market value of P27,500, was exchanged for a new machine with a fair value of P135,000 and the proper amount of cash is paid. The exchange has commercial substance. The gain/loss to be recorded on the exchange is

Boerkian Co. started 2013 with two assets: Cash of $26,000 (Stickles) and Land that originally cost $72,000 when acquired on April 4, 2010. On May 1, 2013, the company rendered services to a customer for 536,000, an amount immediately paid in cash. On October 1, 2013, the company incurred an operating expense of $22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows: April 4, 2010: 51 - $0.28 January 1, 2013: 51 - $0.29 May 1, 2013: 51 - $0.30 October 1, 2013: 51 - $0.31 December 31, 2013: 51-$0.35 Assume that Boerkian was a foreign subsidiary of a U.S. multinational company and the stickle (5) was the functional currency of the subsidiary. Calculate the translation adjustment for 2013. $ 6,800 positive. 4 O $5,480 positive. O $4,480 negative. O $5,800 negative. O $5,800 positive.

Caine Company exchanged a car from inventory for a computer to be used as a long-term asset. The following information relates to this exchange: Carrying amount of the car, 600,000List selling price of the car, 900,000’ Fair value of the computer, 860,000’; Cash difference paid by Caine, 100,000. What is the cost of the computer acquired in exchange?     1. Indicate the appropriate entries requires for each of the transactions.  2. Will Caine company declare a gain or loss on this transaction?

Consider each of the independent transactions below: a) The University of Belize traded an older version vehicle with a newer model at Bravo Motors. The initial cost of the older version was $50,000 and accumulated depreciation up to the time of trading, was $41,000. The fair value at the time is $13,000. As part of the trading, the University paid $42,000 in cash. b) Jacky's Car Rentals traded a piece of land for a vehicle from Ozark Company. The fair values of the land and the vehicle are $75,000 and $49,000 respectively. Jacky received $26,000 to complete the transaction. Required: Assume you provide accounting services for the University and for Jack's Car Rentals, 1. Determine gain/loss on each transaction and the FV of the new asset acquired 2. Prepare journal entries to record each of the two transactions

Monarch exchanged its old equipment for new equipment which resulted in a $35,000 gain. The fair value of the new equipment is $270,000. Monarch also received $30,000 cash on the exchange. The fair value of the old equipment was $303,000. If the transaction does not have commercial substance, what is the amount of the gain, if any, that Monarch can recognize? (Do not include $ signs, commas or decimals in your answer.)

CAKE Corporation exchanged a piece of equipment for new equipment. Data pertaining to the old equipment follows: Cost-P500,000; Accumulated Depreciation, P300,000; Fair value of old equipment, P180,000. The fair value of the new equipment is P230,000 and CAKE Corporation paid P50,000 to complete the exchange transaction. Assuming the configuration of the cash flows of the equipment is significantly different, how much is the gain or loss on exchange?

Joshua Bank (a NON-VAT registered entity) purchased an intangible asset from Tristan Co. for $590,000 when the exchange rate was ₱1: $.0204. A 5% discount was available on the purchase. Non-transferrable taxes paid amounted to 20% of the invoice price, net of the discount. A 12% VAT was also paid based on the amount that is gross of the non-transferrable taxes. Installation and testing costs amounted to ₱40,000. How much will be recorded as intangible asset? Question 7 options: a 36,976,059 b 33,010,598  c 33,050,589 d 36,967,059

Kiko group of companies exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.Listed selling price of the car-90,000FV of the computer system-86,000Carrying amount of the car-60,000If Kiko group of companies recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction

Marigold Corporation traded a used truck for a new truck. The used truck cost $25,000 and has accumulated depreciation of $21,250. The new truck is worth $43,750. Marigold also made a cash payment of $41,250. Prepare Marigold's entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)