Flounder Company traded a used welding machine (cost $12,420, accumulated depreciation $4,140) for office equipment with an estimated fair value of $6,900. Flounder also paid $4,140 cash in the transaction. Prepare the journal entry to record the exchange.
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Flounder Company traded a used welding machine (cost $12,420, accumulated depreciation $4,140) for office equipment with an estimated fair value of $6,900. Flounder also paid $4,140 cash in the transaction. Prepare the
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- Windsor Company traded a used welding machine (cost $10,440, accumulated depreciation $3,480) for office equipment with an estimated fair value of $5,800. Windsor also paid $3,480 cash in the transaction. Prepare the journal 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 O for the amounts. List all debit entries before credit entries.)Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000. Mehta also paid $3,000 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)Bramble Corporation traded a used truck for a new truck. The used truck cost $25,400 and has accumulated depreciation of $21,590. The new truck is worth $44,450. Bramble also made a cash payment of $41,910. Prepare Bramble'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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit I Credit
- Sheffield Company traded a used truck for a new truck. The used truck cost $44,700 and has accumulated depreciation of $40,230. The new truck is worth $55,130. Sheffield also made a cash payment of $53,640. Prepare Sheffield's entry to record the exchange. (The exchange lacks 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit CreditMarigold 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.)Stellar Company exchanged equipment used in its manufacturing operations plus $3,960 in cash for similar equipment used in the operations of Pearl Company. The following information pertains to the exchange. Stellar Co. Pearl Co. Equipment (cost) $36,960 $36,960 Accumulated depreciation 25,080 13,200 Fair value of equipment 16,500 20,460 Cash given up 3,960 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks 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.) Account Titles and Explanation Debit Credit Stellar Company: enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…
- Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value of $3,300. Navajo also paid $500 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)how Swifty Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080 ) for a small computer with a fair value of $3,498. Swifty also paid $530 in the transaction. Prepare the journal 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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Accumulated Depreciation - Trucks Loss on Disposal of Trucks cashSage Hill Inc. traded a used vehicle (cost $25,000, accumulated depreciation $22,000) for another used vehicle with a fair value of $3,550. Sage Hill also paid $330 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media Debit Credit
- Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Sheridan Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up (a) Windsor Co. $32,480 22,040 14,500 3,480 * Sheridan Co. $32,480 11,600 17,980 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks 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 O for the amounts, List all debit entries before credit entries) Account Titles and Explanation Debit CreditKingbird Company exchanged equipment used in its manufacturing operations plus $ 3,600 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Kingbird Co. Oriole Co. Equipment (cost) $33,600 $ 33,600 Accumulated depreciation 22,800 12,000 Fair value of equipment 15,000 18,600 Cash given up 3,600 (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks 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 O for the amounts.) Account Titles and Explanation Debit Credit Kingbird Company: Oriole Company:Flint Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Buffalo Company. The following information pertains to the exchange. Flint Co. Buffalo Co. Equipment (cost) $31,360 $31,360 Accumulated depreciation 21,280 11,200 Fair value of equipment 14,000 17,360 Cash given up 3,360 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks 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.) Account Titles and Explanation Debit Credit Flint Company: Buffalo Company:…