Business, 20.06.2020 22:57 Jasten

Jan. 1 Traded in old office equipment with book value of $70,000 (cost of $ 139,000 and accumulated depreciation of $ $69,000) for new equipment.
LenoraLenora also paid $100,000 in cash. Fair value of new equipment is $172,000.
Assume the exchange had commercial substance.
Apr. 1 Sold equipment that cost $48,000
(accumulated depreciation of $37,000 through December 31 of the preceding year).
LenoraLenora received $6,600 cash from the sale of the equipment. Depreciation is computed on astraight-line basis. The equipment has a fivefive-year useful life and a residual value of $0.
Dec. 31 Recorded depreciation as follows:
Office equipment is depreciated using the double-declining-balance method over
fourfour years with a $ 2 comma 000$2,000 residual value.

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Jan. 1 Traded in old office equipment with book value of $70,000 (cost of $ 139,000 and accumulated...

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