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Category > Management Posted 10 Feb 2018 My Price 7.00

Cannondale Company

Exercise 10-18

   
   

Cannondale Company purchased an electric wax melter on April 30, 2014, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.

List price of new melter   $23,068
Cash paid   14,600
Cost of old melter (5-year life, $1,022 salvage value)   16,352
Accumulated Depreciation-old melter (straight-line)   9,198
Secondhand fair value of old melter   7,592


Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. CannondaleAc€?cs year ends on December 31, and depreciation has been recorded through December 31, 2013. (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.)

No.

Account Titles and Explanation

Debit

Credit

(a)

Exchange has commercial substance:

   
 

Entry field with correct answer

Entry field with incorrect answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with incorrect answer

 

(To record current depreciation.)

   
 

Entry field with correct answer

Entry field with incorrect answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with incorrect answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

(To record exchange of the machine.)

   

(b)

Exchange lacks commercial substance:

   
 

Entry field with correct answer

Entry field with incorrect answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with incorrect answer

 

(To record current depreciation.)

   
 

Entry field with correct answer

Entry field with incorrect answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

 

(To record exchange of the machine.)

 

 

Answers

(3)
Status NEW Posted 10 Feb 2018 12:02 AM My Price 7.00

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