Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 3 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 14.00

Nonmonetary Exchanges

Nonmonetary Exchanges During the current year, Marshall Construction trades an old crane that has a book value of $90,000 (original cost $140,000 less accumulated depreciation $50,000) for a new crane from Brigham Manufacturing Co. The new crane cost Brigham $165,000 to manufacture and is classified as inventory. The following information is also available.
Marshall Const. Brigham Mfg. Co.
Fair value of old crane $ 82,000
Fair value of new crane $200,000
Cash paid 118,000
Cash received 118,000
(a) Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of
(1) Marshall Construction and
(2) Brigham Manufacturing.
(b) Assuming that this exchange lacks commercial substance for Marshall, prepare the journal entries on the books of Marshall Construction.
(c) Assuming the same facts as those in (a), except that the fair value of the old crane is $98,000 and the cash paid is $102,000, prepare the journal entries on the books of
(1) Marshall Construction and
(2) Brigham Manufacturing.
(d) Assuming the same facts as those in (b), except that the fair value of the old crane is $97,000 and the cash paid $103,000, prepare the journal entries on the books of
(1) Marshall Construction and
(2) Brigham Manufacturing.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 03:08 PM My Price 14.00

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