Business, 02.03.2020 18:57 misssy808

Exchanged a display case placed in service on April 1, 2017 (original cost $21,000) for a new display case, list price $25,000, terms F. O.B., destination. The trade-in allowance was $18,000 and the balance due of $7,000 was paid in cash. Freight costs are $65 and insurance in transit was $45. Display cases are classified as Store and Office Equipment. The estimated useful life of both the old and new display cases is 10 years. (Check No. 1018) Record this transaction in the general journal. Hint: The cost of the new equipment is $25,000.

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Exchanged a display case placed in service on April 1, 2017 (original cost $21,000) for a new displa...

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