Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 408 Weeks Ago, 6 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Nov 2017 My Price 8.00

Holyfield Corporation

(Nonmonetary Exchanges) Holyfield Corporation wishes to exchange a machine used in its opera- tions. Holyfield has received the following offers from other companies in the industry.

1. Dorsett Company offered to exchange a similar machine plus $23,000. (The exchange has commer- cial substance for both parties.)

2 . Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)

3 . Liston Company offered to exchange a similar machine, but wanted $3,000 in addition to Holyfield’s machine. (The exchange has commercial substance for both parties.)

In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, Holyfield must pay $93,000 in addition to trading in its old machine.

 

Holyfield

  

Dorsett

  

Winston

  

Liston

  

Greeley

Machine cost

$160,000

  

$120,000

  

$152,000

  

$160,000

  

$130,000

Accumulated depreciation

60,000

  

45,000

  

71,000

  

75,000

  

–0–

Fair value

92,000

  

69,000

  

92,000

  

95,000

  

185,000

Instructions

For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Nov 2017 10:11 PM My Price 8.00

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