Business, 27.11.2019 20:31 kayla8243

Blue inc. has negotiated the purchase of a new piece of automatic equipment at a price of $11,040 plus trade-in, f. o.b. factory. blue inc. paid $11,040 cash and traded in used equipment. the used equipment had originally cost $85,560; it had a book value of $57,960 and a secondhand fair value of $65,964, as indicated by recent transactions involving similar equipment. freight and installation charges for the new equipment required a cash payment of $1,518. a) prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (credit account titles are automatically indented when amount is entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)

*** there are 5 journal entries in this problem

b) assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. prepare the general journal entry to record this transaction.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 05:00, mjam85877

What is free trade? a. trade that is not subject to taxes or fees b. trade that governments do not interfere with c. trade with a high level of government regulation d. trade between states in the u. s. b

Answers: 1

continue

Business, 22.06.2019 12:50, emarquez05

Two products, qi and vh, emerge from a joint process. product qi has been allocated $34,300 of the total joint costs of $55,000. a total of 2,900 units of product qi are produced from the joint process. product qi can be sold at the split-off point for $11 per unit, or it can be processed further for an additional total cost of $10,900 and then sold for $13 per unit. if product qi is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?

Answers: 2

continue

Business, 22.06.2019 15:30, graciemccain

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.

Answers: 3

continue

Business, 22.06.2019 16:20, milkshakegrande101

There are three factors that can affect the shape of the treasury yield curve (r* t , ip t , and mrp t ) and five factors that can affect the shape of the corporate yield curve (r* t , ip t , mrp t , drp t , and lp t ). the yield curve reflects the aggregation of the impacts from these factors. suppose the real risk-free rate and inflation rate are expected to remain at their current levels throughout the foreseeable future. consider all factors that affect the yield curve. then identify which of the following shapes that the us treasury yield curve can take. check all that apply. a. downward-sloping yield curveb. upward-sloping yield curvec. inverted yield curve

Answers: 1

continue

You know the right answer?

Blue inc. has negotiated the purchase of a new piece of automatic equipment at a price of $11,040 pl...