Whispering Co. had a sheet metal cutter that cost $100,000 on January 5, 2021. This old cutter had an estimated life of ten years and a salvage value of $17,000. On April 3, 2026, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Whispering also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2025, and that straight-line depreciation is used. (b) Prepare all entries that are necessary on April 3, 2026. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Cost of Goods Sold (To record depreciation.) (To record exchange of machineries.)

Whispering Co. had a sheet metal cutter that cost $100,000 on January 5, 2021. This old cutter had an estimated life of ten years and a salvage value of $17,000. On April 3, 2026, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Whispering also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2025, and that straight-line depreciation is used. (b) Prepare all entries that are necessary on April 3, 2026. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Cost of Goods Sold (To record depreciation.) (To record exchange of machineries.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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