the bremer company made the following exchanges of assets during 254077

The Bremer Company made the following exchanges of assets during 2007:

1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving a machine that had originally cost $40,000 and has a book value of $12,000.

2. Acquired a building worth $55,000 by paying $5,000 cash and giving a piece of land that had originally cost $35,000.

3. Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving a machine that had originally cost $13,000 and has a book value of $11,000.

4. Acquired a car by giving a truck that had originally cost $20,000, has a book value of $15,000, and has a ?oblue book?? value of $16,800. In addition the company received $1,000 cash.

Required

Prepare the journal entry of the Bremer Company for each exchange.

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more
GET A FREE QUOTE





  
Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?