Bremer Company made the following exchanges of assets during 2019:
Jan. 1 Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had originally cost $40,000 and has a book value of $12,000.
Feb. 1 Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally cost $35,000.
Mar. 1 Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had originally cost $13,000 and has a book value of $11,000.
Apr. 1 Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a "blue book" value of $16,800. In addition, the company received $1,000 cash.
Required:
Prepare Bremerâs journal entry for each exchange. Assume all exchanges were determined to have commercial substance.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Bremer Company made the following exchanges of assets during 2019: Jan. 1 Acquired a more advanced machine worth $10,000 by paying $2,000 ...” 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
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts.
Answers (1)
When preparing the selling and administrative expense budget, there is no need for a merchandising company to separate mixed costs into the fixed and variable components. A. True B. False
Answers (1)
In the context of the Blake/Mouton leadership grid, which of the following is a similarity between leaders using the team management leadership style and leaders using the authority-compliance leadership style? a. Both have a low concern for people.
Answers (1)
Which of the following is NOT one of the functions of the Federal Reserve? Group of answer choices Clearing checks Supervising and regulating banks Printing currency Controlling the money supply
Answers (1)
Bella Donna Company has 100,000 shares of $3 par common stock issued and outstanding as of January 1, 2018. The shares were originally issued for $8 per share.
Answers (1)
New Questions in Business
Determine which of the following countries would be classified as 'growth miracles' or 'growth disasters'.
Answers (1)
The valuation of a common stock today primarily depends on:A, the number of shares outstanding and the number of its shareholders. B. its expected future dividends and its discount rate. Ct Wall Street analysts.
Answers (1)
Consider a bp gas station. as a result of an economic recession and decreases in consumer incomes, there will be a:
Answers (1)
You purchased 600 shares of SLG, Inc. stock at a price of $41.20 a share. You then purchased put options on your shares with a strike price of $45.00 and an option premium of $1.10. At expiration, the stock was selling for $48.30 a share.
Answers (1)
Which of the following statement is true? a. The demand for puma shoes is more elastic than the demand for shoes b. The demand for Cheerios is less elastic than the demand for cereal c. Products with many complements have a more elastic demand d.
Answers (1)