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Category > Accounting Posted 21 Aug 2017 My Price 11.00

Bussell Company

P10-8     Assets Acquired by Exchange  The Bussell Company exchanged the following assets during   2007:

1.      Acquired a newer machine by paying $4,000 cash and giving a machine that originally cost $40,000, has a book value of

$25,000, and is worth $30,000.

2.      Same facts as in item 1, except that the asset being surrendered has a book value of $33,000.

3.      Acquired a newer machine by giving a machine that originally cost $45,000, has a book value of $20,000, and is worth

$32,000. In addition $5,000 cash was   received.

4.      Same facts as in item 3, except that the asset being surrendered has a book value of $36,000.

5.      Acquired a newer machine worth $90,000 by giving up a machine of equal value. The machine surrendered had origi- nally cost $150,000 and has a book value of $80,000.

6.      Same facts as in item 5, except that the asset being surrendered has a book value of $94,000.

7.      Acquired a building in exchange for land that had originally cost $130,000 and is now worth $200,000.

8.      Same facts as in item 7, except that $30,000 was paid.

9.      Same facts as in item 7, except that $20,000 was received.

Required

Prepare the journal entry to record each acquisition of the Bussell Company.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 03:08 PM My Price 11.00

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