Rocky Company trades equipment with a book value of $24,970 for new equipment with a list price of $103,850. $77,880 cash is paid and there is a $25,970 trade-in allowance. There is a well established market for the old equipment traded in. The fair market value of the old equipment is $23,970. What amount of gain or loss will be recorded by Rocky? a) $25,970 b) $0 gain or loss c) $1,000 loss d) $1,000 gain e) None of the other alternatives are correct

Required A Required B Required C Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in prepa consolidated financial statements for 20X4. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not your intermediate calculations. Round your final answers to nearest whole dollar. No Event A 1 Bonds payable Accounts Interest income Investment in Scarf Company bonds Bond discount Interest expense B 2 Interest payable Interest receivable Show I Debit 400,000 Credit 16,000 395,200 4,800 16,000 × 16,000 16,000

A machine cost $229,000, has annual depreciation expense of $45,800, and has accumulated depreciation of $114,500 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $91,210, it is exchanged for a similar machine with a fair value of $291,900 and the proper amount of cash is paid. The exchange lacked commercial substance.Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 1, 2021                 (To record depreciation)     April 1, 2021                                         (To record exchange of machineries)

1. Denver, Inc., exchanged land and cash of $8,000 for equipment. The land was purchased at $55,000 a few years ago and a fair value of $60,000. ​​ Prepare the journal entry to record the exchange. Assume the exchange has no commercial substance.   2. Metro Inc. trades its used machine for a new model at Denver Inc.  The used machine has a book value of $8,000 (original cost of $12,000) and a fair value of $4,000.  The new model lists for $15,000. Denver gives Metro a trade-in allowance of $7,000 for the used machine, $3,000 more than its fair value.   Prepare a journal entry for Metro, assuming commercial substance.