cash and a machine to another com
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- The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco received $10,000 from the owner of the equipment to complete the exchange which has commercial substance. Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.The Bronco Corporation exchanged land for equipment. The land had a book value of $138,000 and a fair value of $186,000. Bronco pald the owner of the equipment $28,000 to complete the exchange whlch has commercial substance. Required: 1. What Is the falr value of the equipment? 2. Prepere the Journal entry to record the exchange. Answer Is complete but not entirely correct. Complete thls question by entering your answers In the tabs below. Required 1 Required 2 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.) No Transaction General Journal Debit Credit Equipment - new Land - new 1 214,000 138,000 Cash 28,000 Gain on exchange of assets 48,000
- Part A: On November 1, Ellery Corp. purchased land by transferring $50,000 cash and a building to the other company. The building given up had an original cost of $2,000,000, a book value of $400,000, and a fair market value of $900,000. Prepare the journal entry Ellery should make to record the exchange of the building and cash for the land, assuming the exchange has commercial substance. Part B: If the above exchange were deemed to have non-commercial substance, by what amount should the “Land” account be debited? Date Account Debit Credit November 1, 2022The Bronco Corporation exchanged land for equipment. The land had a book value of $131,000 and a fair value of $172,000. Bronco received $21,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) View transaction list Journal entry worksheet 1 Record the exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit CreditThe Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco paid the owner of the equipment $26,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment? Fair value
- The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list No 1 Transaction 1 View journal entry worksheet Equipment - new Land - old Cash General Journal Debit 160,000 Credit 120,000 30,000Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming that the exchange has commercial substance, Horton would record land—new and a gain/(loss) on exchange of assets in the amounts of: Land Gain/(loss) a. $ 105,000 $ 0 b. $ 105,000 $ 10,000 c. $ 95,000 $ 0 d. $ 95,000 $ 10,000 Multiple Choice Option A Option B Option C Option DBloomington Inc. exchanged land for equipment and $2,600 in cash. The book value and the fair value of the land were $105,500 and $89,100, respectively.Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss)on exchange of assets in the amounts of: Equipment Gain/(loss) a. $ 86,500 $ 2,600 b. $ 105,500 $ (2,600 ) c. $ 86,500 $ (16,400 ) d. None of these answer choices are correct. Option C Option D Option A Option B
- Stewart Company exchanges an asset with Leonard Corporation. Details of the exchange are as follows: Stewart company’s Piece of Equipment: Cost $1,000,000Accumulated depreciation 400,000Fair Value $800,000 Leonard Corporation’s Building: Cost $1200,000 Accumulated depreciation $550,000 Fair Value $950,000 Required a) Prepare the appropriate journal entries for both companies for the above exchange assumingthey are public companies.b) If Stewart Company paid $100,000 in this transaction. Record the appropriate journal entry inStewart’s books.c) Repeat b) assuming that Stewart Company is a private company and that the fair value ofLeonard’s building is the most determinable fair valueOn September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 215,000 $ 235,000 Accumulated depreciation 131,000 139,000 Fair value 103,500 79,500 To equalize the exchange, Phifer paid Robers $24,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.1. Denver, Inc., exchanged land and cash of $8,000 for equipment. The land was purchased at $55,000 a few years ago and a fair value of $60,000. Prepare the journal entry to record the exchange. Assume the exchange has no commercial substance. 2. Metro Inc. trades its used machine for a new model at Denver Inc. The used machine has a book value of $8,000 (original cost of $12,000) and a fair value of $4,000. The new model lists for $15,000. Denver gives Metro a trade-in allowance of $7,000 for the used machine, $3,000 more than its fair value. Prepare a journal entry for Metro, assuming commercial substance.