User Account

All Pages

Prepare the journal entry to record the exchange on books

Assignment Help Accounting Basics
Reference no: EM132532216

Question - Pina Company purchased equipment on January 2, 2016, for $121,300. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,800. Pina uses straight-line depreciation on all assets. On January 2, 2020, Pina exchanged this equipment plus $12,200 in cash for newer equipment. The old equipment has a fair value of $50,400.

Required - Prepare the journal entry to record the exchange on the books of Pina Company. Assume that the exchange has commercial substance.

Reference no: EM132532216

Questions Cloud

How much is the revaluation surplus net of tax : Entity A has identified indications that its plant is impaired. The plant has a carrying amount of ?56,000,000. How much is the revaluation surplus net of tax
What is the equity at the beginning of the year : What is the equity at the beginning of the year? If the owner contributes $7,000 and the owner withdraws $42,800, how much is net income (loss)
What would be the present value of the lottery win : You have just won the lottery. You and your heirs will receive $25,000 forever beginning one year from now. What would be the present value of the lottery win
What amount should be reported as interest income : The prevailing interest rate for this note on January 1, 2020 was 10%. What amount should be reported as interest income
Prepare the journal entry to record the exchange on books : Prepare the journal entry to record the exchange on the books of Pina Company. Assume that the exchange has commercial substance
How larger should firms dividend payout ratio : According to the residual distribution model (assuming all payments are in the form of dividends), how larger should firm's dividend payout ratio be next year
What is the purpose of accounting principles : What is the purpose of accounting principles and Describe the Accounting Equation and Double-Entry Accounting - Define the accounting principles
Are impairment procedures on assets under IFRS beneficial : Are impairment procedures on assets under IFRS beneficial for the company? And how can they be reversed if the asset is held for use
Cluster analysis : Consider the mean of a cluster of objects from a binary transaction data set. What are the minimum and maximum values of the components of the mean?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd