Prepare the journal entries to record non-monetary exchange, Financial Accounting

Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full month assumption to calculate depreciation). The following occurred in 2015:
A. June 30, 2015 - Machinery with a cost of $720,000 and accumulated depreciation through January 1 of $540,000 was exchanged with $450,000 cash for a parcel of land with a fair value of $690,000. The exchange had commercial substance.

Prepare the journal entries to record depreciation on the old machinery and the non-monetary exchange on June 30, 2015.

 

Posted Date: 2/20/2014 12:05:20 AM | Location : United States







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