On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of theexchange are as follows:Robers’ Asset Phifer’s AssetOriginal cost $120,000 $140,000Accumulated depreciation 55,000 63,000Fair value 75,000 70,000To equalize the exchange, Phifer paid Robers $5,000 in cash.Required:Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.

Consider each of the following independent situations: a. GYT Co. exchanges a machine that cost $4,000 and has accumulated amortization of $2,560 for a similar machine. GYT also receives $25 in the exchange. The fair market value of the old asset is $750. The fair market value of the new asset is $725. There is no commercial substance to the transaction. b. FST Co. exchanges a machine that cost $4,000 and has accumulated amortization of $3,560 for a similar machine. FST also receives $25 in the exchange. The fair market value of the old asset is $750. The fair market value of the new asset is $725. There is no commercial substance to the transaction. c. LKC Co. pays $250 and exchanges a machine that cost $3,000 and has accumulated amortization of $1,900 for a similar machine. The fair market value of the old asset is undeterminable. The fair market value of the new asset is $690. The transaction has commercial substance. d. HRT Co. pays $250 and exchanges a…

! Required information [The following information applies to the questions displayed below.] The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Ic., for $1,590,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,431,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $54,000. The original legal life of the patent was 20 years. There are still 17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 10 more years. c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franchise fee of $187,600. The contractual life of the franchise is seven years. 2. Prepare the intangible asset section of the December 31, 2021, balance sheet. LETTUCE EXPRESS Balance Sheet December 31, 2021 (Intangible Assets Section) Intangible Assets…

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Foxtrot Co. exchanged equipment and $17,100 cash for similar equipment. The book value and the fair value of the old equipment were $81,000 and $91,700, respectively. Assuming that the exchange lacks commercial substance, Foxtrot would record a gain/(loss) on exchange of assets in the amount of: Multiple Choice $(10,700). $0. $10,700. $27,800.

Bracebridge Incorporated and Muskoka Incorporated exchanged equipment, with MuskokaIncorporated also giving Bracebridge Incorporated $450,000 as part of the exchange. The transactionlacks commercial substance. A summary of the exchange (which occurred on December 31, 2020) is asfollows:Equipment Originally Owned byBracebridge IncorporatedEquipment Originally Owned byMuskoka IncorporatedAppraised Value $12,000,000 $11,500,000Cost $14,000,000 $13,500,000Accumulated Depreciation(at December 31, 2020) $6,500,000 $7,000,000Requireda) Prepare all required journal entries in good form on the books of both BracebridgeIncorporated and Muskoka Incorporated. b) Repeat part (a) but assume the transaction has commercial substance.

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Rizzo's Delivery Company and Overland's Express Delivery exchanged delivery trucks on January 1, 2022. Rizzo's truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of $3,000. Overland's truck cost $10,000. It has accumulated depreciation of $8,000 and a fair value of $3,000. The transaction has commercial substance. (a) Journalize the exchange for Rizzo's Delivery Company. (List all debit entries before credit entries. 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. Include in your journal entry separate account entries for both the new and old equipment.) Account Titles and Explanation Debit Credit

On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane’s asset is referred to below as “Asset A,” and Cheyenne’ is referred to as “Asset B.” The following facts pertain to these assets.     Asset A   Asset B Original cost   $117,120   $134,200 Accumulated depreciation (to date of exchange)   48,800   57,340 Fair value at date of exchange   73,200   91,500 Cash paid by Crane, Inc.   18,300     Cash received by Cheyenne, Inc.       18,300 Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Crane, Inc. and Cheyenne, Inc. in accordance with generally accepted accounting principles.  Account Titles and Explanation Debit Credit Crane, Inc.’s Books                             Cheyenne, Inc.’s Books

A machine cost $1128000, has annual depreciation of $188000, and has accumulated depreciation of $893000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $258500, it is exchanged for a machine with a fair value of $1269000 and the proper amount of cash is paid. The exchange had commercial substance.The gain to be recorded on the exchange is