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Record corplex ltd exchange of old furniture for new

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Reference no: EM132006965

Question - Corplex Ltd recently traded in office furniture as follows:

Old Furniture:

Cost, $89,000

Accumulated depreciation, $76,000 New furniture:

List price, $110,000.

Cash paid, $110,000 & the supplier took the old furniture.

Required:

1. Record Corplex Ltd. exchange of old furniture for new.

2. Now suppose the list price of the new furniture was $120,000 & Corplex paid $105,000 & the supplier took the old furniture. Now record the transaction.

Reference no: EM132006965

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