Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 01 Jun 2017 My Price 12.00

Nonmonetary Exchanges

Nonmonetary Exchanges on August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde’s asset are referred to below as ?oAsset A,?? and Wiggins’ is referred to as ?oAsset B.?? The following facts pertain to these assets.
Asset A Asset B
Original cost $96,000 $110,000
Accumulated depreciation (to date of exchange) 40,000 47,000
Fair value at date of exchange 60,000 75,000
Cash paid by Hyde, Inc. 15,000
Cash received by Wiggins, Inc. 15,000
(a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles.
(b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles.

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Maurice Tutor
(5)
Status NEW Posted 01 Jun 2017 11:06 PM My Price 12.00

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