Question
In: Accounting
Current Attempt in Progress Ivanhoe Corporation wishes to exchange a machine used in its operations. Ivanhoe...
Current Attempt in Progress
Ivanhoe Corporation wishes to exchange a machine used in its operations. Ivanhoe has received the following offers from other companies in the industry.
| 1. | Shamrock Company offered to exchange a similar machine plus $28,520. (The exchange has commercial substance for both parties.) | |
| 2. | Bridgeport Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) | |
| 3. | Indigo Company offered to exchange a similar machine, but wanted $3,720 in addition to Ivanhoe’s machine. (The exchange has commercial substance for both parties.) |
In addition, Ivanhoe contacted Sweet Corporation, a dealer in
machines. To obtain a new machine, Ivanhoe must pay $115,320 in
addition to trading in its old machine.
|
Ivanhoe |
Shamrock |
Bridgeport |
Indigo |
Sweet |
||||||
| Machine cost | $198,400 | $148,800 | $188,480 | $198,400 | $161,200 | |||||
| Accumulated depreciation | 74,400 | 55,800 | 88,040 | 93,000 | –0– | |||||
| Fair value | 114,080 | 85,560 | 114,080 | 117,800 | 229,400 |
1. Ivanhoe Corporation
Shamrock Company
2.
|
Ivanhoe Corporation |
|
Bridgeport Company 3.
|
|
Indigo Company 4.
|
|
Sweet Company |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Question 9
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1.
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Information concerning each of the assets to be exchanged is noted
below:
Cost...
Current Attempt in Progress Presented below is the adjusted trial balance of Splish Corporation at December...
Current Attempt in Progress
Presented below is the adjusted trial balance of Splish
Corporation at December 31, 2020.
Debit
Credit
Cash
$ ?
Supplies
1,340
Prepaid Insurance
1,140
Equipment
48,140
Accumulated Depreciation-Equipment
$ 4,140
Trademarks
1,090
Accounts Payable
10,140
Salaries and Wages Payable
640
Unearned Service Revenue
2,140
Bonds Payable (due 2027)
9,140
Common Stock
10,140
Retained Earnings
25,140
Service Revenue
10,140
Salaries and Wages Expense
9,140
Insurance Expense
1,540
Rent Expense
1,340
Interest Expense
1,040
Total
$ ?
$ ?
Additional information:
1....
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