FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally purchased for $40,000, and depreciation through the date of sale totaled $25,000. 1. What was the gain or loss on the sale of the equipment? on salearrow_forwardSage Hill Inc. owns equipment that cost $594,000 and has accumulated depreciation of $154,000. The expected future net cash flows from the use of the asset are expected to be $392,000. The fair value of the equipment is $339,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Creditarrow_forwardPeak, Inc., acquired a machine that involved the following expenditures and related factors: Gross invoice price Sales tax Cash discount taken Freight Assembly of machine Installation of machine Repair of machine damage caused during installation Tuning and adjusting machine before use A) $68,352 The initial accounting cost of the machine should be: B) $63,232 C) $56,032 $54,400 3,520 1,088 1,920 1,600 2,400 5,120 D) $64,032 1,280arrow_forward
- Gadubhaiarrow_forwardA company recently traded in an older model of equipment for a new model. The old model's book value was $216,000 (original cost of $476,000 less $260,000 in accumulated depreciation) and its fair value was $240,000. The company paid $64,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheetarrow_forward1arrow_forward
- 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).arrow_forwardHadley Company purchased an asset with a list price of $135580. Hadley paid $413 of transportation-in cost, $968 to train an employee to operate the equipment, and $637 to insure the asset against theft after it has been set up in the factory. The asset was purchased under terms 2/20/n30 and Hadley paid for the asset within the discount period. Based on this information, Hadley would capitalize the asset on its books at what dollar amount? $_______________arrow_forwardNgu own equipment that cost 96,500 with accumulated depreciation of 66,000. Ngu asks 35,750 for the equipment but sells it for 33,500. Compute the amount of gains or losses on the salearrow_forward
- Shamrock Inc. owns equipment that cost $605,000 and has accumulated depreciation of $157,000. The expected future net cash flows from the use of the asset are expected to be $400,000. The fair value of the equipment is $346,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Creditarrow_forwardWindsor Company owns equipment that cost $972,000 and has accumulated depreciation of $410,400. The expected future net cash flows from the use of the asset are expected to be $540,000. The fair value of the equipment is $432,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountarrow_forwardNovak Corp., a small company that follows ASPE, owns machinery that cost $925,000 and has accumulated depreciation of $385,000. The undiscounted future net cash flows from the use of the asset are expected to be $513,000. The equipment's fair value is $440,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. (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 debit entry before credit entry.) Account Titles and Explanation Debit Creditarrow_forward
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