Flint Corporation traded a used truck (cost $26,000, accumulated depreciation $23,400) for a small computer with a fair value of $4,290. Flint also paid $650 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Flint Corporation traded a used truck (cost $26,000, accumulated depreciation $23,400) for a small computer with a fair value of $4,290. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Black River Tours has a capital structure of 55 percent common stock, 5 percent preferred stock, and 40percent debt. The firm has a 30 percent dividend payout ratio, a beta of 1.21, and a tax rate of 34 percent.
Answers (1)
Which of the following scenarios best exemplifies a platform business? Devin purchases electronic parts from a variety of vendors and assembles them intoinexpensive MP3 players that he sells to consumers.
Answers (1)
An example of an operational risk would be if a business were unable to meet its sales orders because of: O A. the death of the company president. O B. political disruption of its supply chain. O C. the bankruptcy of its major customer. O D.
Answers (2)
The average cost of one year at a private college in 2012-2013 is $43,289. The average grant aid received by a student at a private college in 2012-2013 is $15,680.
Answers (1)
An automated machine fills bottles with a mean of 16 oz. and standard deviation of 0.1 oz. Assuming that Cpk index is 1 for this process, what are the lower and upper specification limits? Multiple Choice 1. lower spec = 14.
Answers (1)
New Questions in Business
Which of the following would be the best example of a total institution? a. a mental hospital b. a private university c. a parochial school d. a baseball team
Answers (1)
What is an over-zealous speaker?
Answers (1)
The amount of fica tax that employers must pay is twice the amount of the fica taxes withheld from their employees. true or false
Answers (1)
Joe tells you, "I'm concerned that if a Theo Chocolate manager is doing something unethical, I'm not going to hear about it." He asks, "What can I do to encourage employees to speak up if they see something wrong?" What advice would you give him?
Answers (1)
A company determines the cost of goods sold each time A. a sale occurs in a periodic inventory system only. B. a perpetual inventory system only. C. both a periodic and perpetual inventory system. D. neither a periodic nor perpetual inventory system.
Answers (1)