Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 27 Feb 2018 My Price 7.00

Webb Net Manufacturing

Webb Net manufacturing purchased a new net weaving machine on January 1, 2009, for $500,000. The new machine has an estimated life of five years and an estimated salvage value of $100,000. It is company policy to use straight-line depreciation for all of its machines.
REQUIRED:
a. Assume that Webb Net Manufacturing sells this machine on January 1, 2012, for $325,000. Prepare the entry to record this transaction.
b. Assume that Webb Net Manufacturing sells this machine on June 30, 2012, for $320,000. Prepare the entry or entries to record this transaction.
c. Assume that Webb Net Manufacturing trades in this machine for a tract of land on January 1, 2012. The list price of the land is $250,000, and it has an appraised value of $210,000. The company is granted a trade-in allowance on the machine is appraised at $75,000. Prepare the entry to record the trade-in, assuming that the land is valued as follows:
(1) The FMV of the assets received.
(2) The FMV of the assets given up.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Feb 2018 07:02 PM My Price 7.00

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