Business, 22.08.2020 23:01 innocentman69
On December 31, Year 1, JM Co. exchanged a used machine for a new machine from DP Inc. The used machine had a book value of $100,000 ($120,000 cost minus $20,000 accumulated depreciation) and a fair value of $90,000. The new machine had a list price of $150,000, and DP gave JM a trade-in allowance of $ 105,000, with the difference paid in cash. The exchange has commercial substance. 1 Question
2 How much should JM record as the cost of the new machine in Year 1?
3 How much should JM record as a gain (loss), if any, in Year 1?
Situation 2:
On December 1, Year 1, AB Inc. exchanged a used truck for a new truck from LL Co. The used truck had a book value of $57,500 ($75,000 cost minus $17,500 accumulated depreciation) and a fair value of $60,000. In addition to the exchange of the used truck, AB paid LL $8,000. The exchange has commercial substance.
1 Question
2 How much should AB record as the cost of the new truck in Year 1?
3 How much should AB record as a gain (loss), if any, in Year 1?
Situation 3:
On July 1, Year 1, DDC Co. exchanged a used crane for a new crane with ZN Corp. The used crane had a book value of $120,000 ($225,000 cost minus $105,000 accumulated depreciation) and a fair value of $125,000. The fair value of the new crane is $110,000. In addition to the exchange of the used crane, ZN paid DDC $15,000. The exchange lacks commercial substance.
1 Question
2 How much should DDC record as the cost of the new crane in Year 1?
3 How much should DDC record as a gain (loss), if any, in Year 1?
Answers: 2
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On December 31, Year 1, JM Co. exchanged a used machine for a new machine from DP Inc. The used mach...
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