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Lisa [10]
3 years ago
9

On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

Robers’ Asset Phifer’s Asset Original cost $ 145,000 $ 165,000 Accumulated depreciation 75,000 83,000 Fair value 82,500 72,500 To equalize the exchange, Phifer paid Robers $10,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
emmasim [6.3K]3 years ago
5 0

Answer:

In Robers Company:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

Explanation:

In Robers Company:

Book value of the equipment =  $145,000 - $75,000 = $70,000

Fair value of the equipment: $82,500 > Book value

The company will record gain on exchange:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Book value of the equipment =  $165,000 - $83,000 = $82,000

Fair value of the equipment: 72,500 < Book value of the equipment

The company will record loss on exchange:

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

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raw data; Financial planning

Explanation:

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So, this explains the answer.

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3 years ago
On March 15, 2017, Gilbert Construction contracted to build a shopping center at a contract price of $220 million. The schedule
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Answer:

a.                                                              2017          2018           2019

Expenses incurred for the year A     36 million   81 million    63 million

Estimated total cost B                       180 million  180 million  180 million

% Completion (A/B) C                               20%           45%           35%

Revenue recognized for the D          44 million   99 million   77 million

period (220 million * C)

Gross profit (D-A)                              $8 million  $18 million $14 million

b. Yes, the cost-to-cost method provides a good measure of this construction company's performance under the contract.

3 0
3 years ago
Which set of sides will make a triangle
Ymorist [56]
The sum of the lengths of any two sides<span> of a </span>triangle<span> is greater than the length of the third </span>side<span>.</span>
3 0
3 years ago
Units to be Assigned Costs Eve Cosmetics Company consists of two departments, Blending and Filling. The Filling Department recei
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3 years ago
changing an organization's culture is a(n) process. a. quick and easy b. quick but difficult c. long but easy d. impossible e. l
vfiekz [6]

Changing an organization's culture is a process that is e. long and difficult.

Culture is an umbrella time period that encompasses the social behavior, establishments, and norms observed in human societies, as well as the knowledge, beliefs, arts, legal guidelines, customs, talents, and behavior of the people in these groups. culture is regularly originated from or attributed to a specific area or area.

Subculture may be defined as all of the ways of life including arts, ideals, and establishments of a populace which might be passed down from era to generation. lifestyle has been called "the way of life for an entire society." As such, it includes codes of manners, dress, language, religion, rituals, and art.

Cultures are businesses or individuals who proportion a not unusual set of values and beliefs. they will additionally proportion cultural factors like languages, fairs, rituals and ceremonies, pastimes, meals, and architecture. Examples of cultures consist of western tradition, teenagers' way of life, counterculture, and excessive lifestyle.

Learn more about the culture here brainly.com/question/514395

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6 0
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