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alexandr1967 [171]
3 years ago
8

Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $252,000 (original

cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete the exchange which has commercial substance. Required:
Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
vfiekz [6]3 years ago
7 0

Answer:

Explanation:

General Journal

Dr Cr

Equipment - new 348,000

Accumulated depreciation 300,000

Cash 68,000

Equipment - old 552,000

Gain 28,000

Workings:

Equipment – new ($280,000 + 68,000) = $348,000

Gain ($280,000 – 252,000) = $28,000

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Answer:

Answer option B) selling an item at a competitive sale price.

Explanation:

Is the correct answer.

6 0
3 years ago
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paid an annual dividend of $1.47 a share last month. The company is planning on paying $1.55, $1.63, and $1.65 a share over the
larisa [96]

Answer:

The market price for this stock is $15.23

Explanation:

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V0 or P0 =  1.55 / (1+0.11)  +  1.63 / (1+0.11)^2  +  1.65 / (1+0.11)^3  +  

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3 years ago
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CrossCountry Trucking & Transport enters into a contract with Discount Outlet Stores to load, transport, deliver, and unload
Mila [183]

Answer:

C) tender.

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3 years ago
XYZ Company allocates fixed overhead costs based on direct labor dollars, with an allocation rate of $5 per DL$. XYZ sells 1,000
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Answer:

See below

Explanation:

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Two costs at Bradshaw Company appear below for specific months of operation. Month Amount Units Produced Delivery costs Septembe
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Answer:

D

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