Reference no: EM133087220
Question - Part a - PPE DJ Burchuv is an up and coming artist in Fort Langley. She bought her equipment on January 1, 2016. This equipment set consists of a turntable, Sony speakers and a DJ mixer, which have stand-alone prices of $8,000, $4,800 and $3,200 respectively. Burchuv negotiated to buy this equipment set as a bundled package at a total cost of $10,000.
Required - Record the purchase of these PP&E assets on January 1, 2016.
Part b - In the summer of 2020, Local Club owner Tomas, who provides high-end DJ equipment to the Langley community, offers to take DJ Burchuv Sony speakers in exchange for new Bose speakers. In addition to the trade-in of Sony speakers, Burchuv also pays $5,000 cash to close the deal. At this time the market value of the Sony speakers is estimated to be $1,500 and the market value of the Bose speakers is $7,000. At the time of disposal, the Sony speakers have accumulated depreciation of $1,464.
Required - Record the purchase of the Bose speakers on DJ Burchuv's books (assume that the exchange has commercial substance).
Briefly discuss the accounting practice for non-monetary transactions that have no commercial substance. How would the asset received from the exchange be recorded, and how to record the gain or loss resulting from the exchange?
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