Robertson Company exchanged a machine for some land. The machine had cost $17,000, was 70% depreciated, and could be sold for $4,500. Robertson paid $950 in addition to giving up the machine.   Assume instead that Roberstonson exhanged the machine fora new, more efficient machine with a fair value of $4,700 while still paying $950 as before. compute the amount at which the new machine shoudl be recoreded

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…

Rain Company traded a manual weather machine for an automated weather machine and gave $40,000 cash. The manual machine cost $495,000, had a net book value of $350,000, and a fair value of $360,000. The automated machine was originally purchased by Shine Company for $510,000 and had a net book value of $430,000. It has a fair market value of $450,000. Determine the value of the asset received for Rain and Shine assuming the exchange does not have commercial substance. Please include the appropriate dollar sign and commas (example $25,000).

Information Processing, Inc. (IPI) exchanges its used machine for a new machine with Jerrod Business Solutions Inc. The exchange has commercial substance. IPI’s used machine has a book value of $8,000 (original cost $12,000 less $4,000 accumulated depreciation) and a fair value of $6,000. The new machine has a fair value of $16,000. IPI also pays Jerrod Business Solutions $7,000  cash in the transaction. Accounting Issue(s):  What is the correct amount that IPI should record for the machine it acquired in the exchange with Jerrod Business Solutions?  Question  1:  What is the correct amount that IPI should record for the machine it acquired in the exchange with Jerrod Business Solutions?   $6,000  $7,000  $8,000 $13,000 $15,000 $16,000

Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?

Hampton Inc. purchased a machine to use in its business. The machine is estimated to have an economic life of 10 (ten) years before it becomes obsolete. The company expects to use the machine for 4 (four) years before it sells the machine to another company. Hampton uses the straight-line depreciation method. Question: How many years should Hampton depreciate this asset over? (4,7,10, or 14)

Provide Answer with calculation and explanation

On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $540,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $600,000 and is expected to last another 20 years with no salvage value. The land is valued at $1,860,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $402,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value View transaction list Journal entry worksheet 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 < Record the cost of the plant assets, paid in cash. Note: Enter debits before credits. Date Jan 01 General Journal $ 343,400…

XYZ Company purchases a new machine for $50,000 with a useful life of 5 years and no salvage value. The company uses straight-line depreciation. Calculate the annual depreciation expense for the machine.

Jowee Company exchanged an old machine, costing P3,000,000 and 50% depreciated, for a used machine and paid a cash difference of P500,000. The fair value of the old machine was determined to be P1,800,000. What amount should be recorded as cost of the machine received in exchange? A. 1,800,000 B. 2,300,000 C. 1,300,000 D. 2,000,000