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scoray [572]
3 years ago
9

Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $40,000 (

original cost of $95,000 less accumulated depreciation of $55,000) and $27,000, respectively. Assume Calaveras paid $9,000 in cash and the exchange has commercial substance. (1) At what amount will Calaveras value the pickup trucks
Business
1 answer:
pickupchik [31]3 years ago
3 0

Answer:

$36,000

Explanation:

Given that,

Book value of the equipment given up = $40,000

Fair value of the equipment given up = $27,000

Cash paid = $9,000

Hence,

Value of pickup trucks:

=  Fair value of the equipment given up + Cash paid

=  $27,000 + $9,000

= $36,000

Therefore, the amount of $6,000 will Calaveras value the pickup trucks.

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Answer and Explanation:

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(Being Cost of goods sold is recorded)

here we debited the cost of goods sold as it increased the expenses and we credited the inventory as it decreased the assets

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(Being sales return is recorded)

here we debited the sales return and allowances as it increased the sales return and we credited the accounts receivable as it decreased the assets

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(Being cash and sales discount is recorded)

Here we debited the cash and sales discount as it increased the assets and sales discount and we credited the accounts receivable as it decreased the assets

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Answer:

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