Business, 01.03.2021 21:30 guccci8512
Presented below are two independent transactions. Both transactions have commercial substance.
1. Mercy Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair value of $38,000.
2. Pence Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $11,000), Pence also paid cash of $3,000.
Required:
a. Prepare the entry to record the exchange of assets by Mercy Co.
b. Prepare the entry to record the exchange of assets by Pence Inc.
Answers: 2
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Presented below are two independent transactions. Both transactions have commercial substance.
1. M...
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