Prepare all appropriate journal entries for oliver corp

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Reference no: EM132805697

Oliver Corporation depreciates machinery at a rate of 10% per year and buildings at a rate of 5% per year.

The following transactions occurred in 2020:

March 31, 2020

A building which Oliver Corporation had purchased on January 1, 2007 for $1.9 million (with a current fair value of $1 million) was exchanged for another building which also had a current fair value of $1 million. Depreciation has been properly charged from Jan 1, 2007 through Dec 31, 2019. Both parcels of land on which the buildings were located were equal in value, and had a fair value equal to book value.

September 30, 2020

Machinery with a cost of $150,000 and accumulated depreciation through December 31, 2019 of $60,000 was exchanged, along with $68,000 cash, for a parcel of land with a fair market value of $132,000.

Required:

Problem 1: Prepare all appropriate journal entries for Oliver Corporation for the above dates.

Reference no: EM132805697

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