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Presented below are two independent transactions. Both transactions have commercial substance.
Sidney Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair market value of $36,000.
Lupa Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $9,000), Lupa also paid cash of $3,000.
Prepare the entry to record the exchange of assets by Sidney Co.
Prepare the entry to record the exchange of assets by Lupa Inc.
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No additional fixed manufacturing overhead will be incurred because of this order. The only additional selling expense on this order will be a $0.50 per unit shipping cost. There will be no additional administrative expenses because of this order...
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If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
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