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
A sectarian school is
Answers (1)
M&m's famous slogan, "melts in your mouth, not in your hand," is an example of a (n) : promotional mix. basis for lifestyle strategy. basis for comparative advertising. unique selling proposition. advertising objective.
Answers (1)
Gerard is a mid-level manager who believes that people do not like to work and try to avoid it. He therefore controls, directs, coerces, and threatens employees to get them to work toward organizational goals.
Answers (1)
ranfield Company is considering eliminating its backpack division, which reported an operating loss for the recent year of $42,000. The division sales for the year were $960,000 and the variable costs were $475,000.
Answers (2)
The following information is available for Wenger Corporation: 1. Excess of tax depreciation over book depreciation, $43,800. This $43,800 difference will reverse equally over the years 2020-2023. 2.
Answers (2)
New Questions in Business
Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to a $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000.
Answers (1)
Sales and commission are based on selling price, not the costs you have been provided. Labor: 13.8 hours at 18.75 per hour Overhead: 92% of labor Material Costs: $65.
Answers (1)
When airbnb customers in malibu start paying hotel taxes, this will have the potential to raise the equilibrium price in this market and, therefore, decrease efficiency.
Answers (1)
Curtain Co. paid dividends of $14,000; $17,500; and $21,000 during Year 1, Year 2, and Year 3, respectively. The company had 2,400 shares of 7.0%, $100 par value preferred stock outstanding that paid a cumulative dividend.
Answers (1)
In order to accomplish the productivity plan, several Subject Matter Experts from various parts of the organizational have been enlisted. As a result, you have noticed friction and conflict among team members.
Answers (1)