Author Question: Equipment costing $118,000 has accumulated depreciation of $92,000. The equipment is a trade-in for ... (Read 49 times)

tiffannnnyyyyyy · **on:** Feb 18, 2020

Equipment costing $118,000 has accumulated depreciation of $92,000. The equipment is a trade-in for new equipment costing $191,000. If the trade-in value received for the old equipment is $35,000, the journal entry to record this transaction is to:
◦ debit Equipment (New) for $191,000, and credit Cash for $191,000.
◦ debit Equipment (New) for $191,000, debit Accumulated Depreciation – Equipment for $92,000, credit Equipment (Old) for $118,000 and credit Cash for $165,000.
◦ debit Equipment (New) for $191,000, debit Accumulated Depreciation – Equipment for $92,000, credit Equipment (Old) for $118,000, credit Cash for $156,000, and credit Gain on Exchange of Assets for $9,000.
◦ debit Equipment (New) for $191,000, debit Accumulated Depreciation – Equipment for $92,000, debit Loss on Exchange of Assets for $26,000, credit Equipment (Old) for $118,000 and credit Cash for $191,000.

coyin · **Reply #1 on:** Feb 18, 2020

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 42% of students answer this correctly