(To record exchange of the equipment.) (b) Exchange lacks commercial substance: Depreciation Expense Accumulated Depreciation-Equipment (To record current depreciation.) Equipment 955 19,100 Accumulated Depreciation-Equipment 26,900 Gain on Disposal of Equipment Equipment Cash (To record exchange of the equipment.) 0 955 34,400 11,600 Swifty Company purchased an electric press on June 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: \table[[List price of new press, $25, 100

Which of the following statements concerning Intangible assets are TRUE?(In your answer, provide the appropriate letter(s) A – E for each statement believed to be true)A. Goodwill can never be recognisedB. Only purchased intangibles can be recognisedC. Intangibles are amortised over their useful life where the life is finiteD. Research expenditure is expensedE. A brand name may be recognised when one business acquires another

Riverbed Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Marin Ltd. The following information pertains to the exchange: Riverbed Corp. Marin Ltd. $84,200 $84,200 Equipment (cost) Accumulated depreciation 46,700 40,600 Fair value of old equipment 42,200 43,500 Cash given up 1,300 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the amount is entered. Do r indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Riverbed Corporation: Account Titles and Explanation Debit Credit

An international financial reporting standard concerning depreciation states that: 1. The straight-line method should be used to depreciate all tangible non-current assets. 2. The reducing-balance method should be used to depreciate all intangible non-current assets. Are the above statements true or false? A. B. C. D. Statement 1 False False True True Statement 2 True False False True

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Domestic

A fixed asset with a cost of $24,737 and accumulated depreciation of $22,263 is traded for a similar asset priced at $60,057 (fair market value) in a transaction with a commercial substance. Assuming a trade-in allowance of $4,264, at what cost will the new equipment be recorded in the books?  a.$4,264 b.$1,790 c.$60,057 d.$20,473

Which of the following is a false statement about depreciation? It has no impact on cash It represents the physical deterioration of an asset It exists because of the matching principle Accelerated methods of calculating depreciation are acceptable under GAAP

In Able Company’s efforts to estimate a value for Baker Company's goodwill, Able is estimating Baker Company's expected future earnings. Able is using Baker's past earnings to project the future earnings. Which of the following items should be eliminated from Baker's past earnings in order to project future earnings?                  Extraordinary items                                Amortization expense                                                                            for identifiable intangibles a.                       Yes                                                              Nob.                       Yes                                                              Yesc.                        No                                                              Yesd.                        No                                                              No

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