User Account

All Pages

What was the amount recorded by Mawnteyn

Assignment Help Financial Accounting
Reference no: EM132972463

Question - On July 1, 2021, Bulkeyno Inc. exchanged machine with Mawnteyn Company. Bulkeyno's cost to the machine was P576,000 with related accumulated depreciation of P270,000. Its fair market value was P54,000 higher than its book value.

Mawnteyn, on the other hand purchased the machine for P660,000. Carrying value as of the date of exchange was P348,000. Bulkeyno paid Mawnteyn P90,000 for the difference in fair values of the two machines.

1. If the transaction had commercial substance, what was the amount to be recorded by Bulkeyno as the cost of the asset acquired through exchange?

A. 450,000 C. 306,000

B. 396,000 D. 258,000

2. If the transaction was one without commercial substance, what was the amount recorded by Mawnteyn as the cost of the asset acquired through exchange?

A. 450,000

B. 396,000

C. 306,000

D. 258,000

Reference no: EM132972463

Questions Cloud

Essentials of business research : Revisit the first two chapters of "Essentials of Business Research and propose a topic for your Business Research Project.
What is the cost of the building : Payment of property taxes on the land for 2022 and 2023 (equally for each year) 100,000. What is the cost of the building
Which of the bodies listed has prepared a series : Which of the bodies listed has prepared a series of 18 Guidelines for guidance to its members in an effort to promote consistent practices
Explain the concept of foreign policy : 1) In a brief introduction: Explain the concept of "Foreign Policy" in North America from past to current.
What was the amount recorded by Mawnteyn : If the transaction was one without commercial substance, what was the amount recorded by Mawnteyn as the cost of the asset acquired through exchange
Which of obligations has samir breached in business conduct : Samir gets Nivia's file mixed up with another client's file and he accidentally forgets. Which of the obligations has Samir breached in business conduct?
Design for qualitative research in organization : In considering the best design for qualitative research in your organization, it is helpful to consider your goals for this research. What are your goals for th
Briefly explain the three components of fraud triangle : Question - Briefly explain the three components of fraud triangle. Give an example of each of these components
Which authority govern licensing of nurinder as insurance : Educational requirements necessary to become licensed as an insurance agent. Which authority will govern the licensing of Nurinder as an insurance agent?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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