CourseLover

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About CourseLover

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Teaching Since: May 2017
Last Sign in: 191 Weeks Ago
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  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Business & Finance Posted 07 Dec 2017 My Price 10.00

type of exchange in transaction

Ocular Company traded an electron microscope with an original cost of $200,000 and accumulated depreciation of $80,000 for a new optical equipment (a similar asset). The old equipment had two years of remaining useful life and the new equipment has eight years of useful life. The old equipment had a fair market value of $160,000 at the time of trade-in, and Ocular received $30,000 on the trade-in. 

 

 

 

Required:

a.  What type of exchange took place in this transaction?

b.  Show all the necessary journal entries to record the exchange.

Answers

CourseLover
(12)
Status NEW Posted 07 Dec 2017 06:12 AM My Price 10.00

-----------  ----------- H-----------ell-----------o S-----------ir/-----------Mad-----------am ----------- Th-----------ank----------- yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------ns.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age-----------

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