Question
In: Accounting
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange...
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available:
|
Denver |
Bristol |
|
| Cost | $90,000 | $45,000 |
| Accumulated depreciation | 55,000 | 25,000 |
| Fair value | 30,000 | 30,000 |
All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.
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GENERAL JOURNAL
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GENERAL JOURNAL
Score: 30/101
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Required:
| 1. | Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. |
| 2. |
Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange...
Two independent companies, Denver and Bristol, each own a
warehouse, and they agree to an exchange in which no cash changes
hands. The following information for the two warehouses is
available:
Denver
Bristol
Cost
$105,000
$55,500
Accumulated depreciation
53,000
22,000
Fair value
45,000
45,000
Required:
1.
Assuming the exchange has
commercial substance, prepare journal entries for Denver and
Bristol to record the exchange.
2.
Assuming the exchange does not
have commercial substance, prepare journal entries for Denver and
Bristol to...
Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange...
Two independent companies, Denver and Bristol, each own a
warehouse, and they agree to an exchange in which no cash changes
hands. The following information for the two warehouses is
available:
Denver
Bristol
Cost
$90,000
$45,000
Accumulated depreciation
55,000
25,000
Fair value
30,000
30,000
Required:
1.
Assuming the exchange has
commercial substance, prepare journal entries for both Denver and
Bristol to record the exchange.
2.
Assuming the exchange does not
have commercial substance, prepare journal entries for both Denver
and...
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1. Consider the data for each of the following
four independent companies. Calculate the missing values in the
table below. For margin and ROI, enter your answers as percentages,
rounded to two decimal places. For example, the decimal value
.03827 would be entered as "3.83" percent. For turnover, enter your
answer as a decimal value rounded to two decimal places.
A
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C
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