Crystal Clear
Jun 18, 2009, 10:10 AM
Riverstone Farm traded an old combine for a new combine on August 16. The old combine had an original cost of $95,000 and accumalated depreciation on the date of exchange of $69,000. How would I do an entries to record the disposition of the old combine and the acquisition of the new combine under these assumptions:
(a) list price of new $120,000; Trade in allowance on old, $30,000; Balance paid cash
(b) List price of new, $120,000; Trade in allowance on old, $20,000; Balance paid in cash
(a) list price of new $120,000; Trade in allowance on old, $30,000; Balance paid cash
(b) List price of new, $120,000; Trade in allowance on old, $20,000; Balance paid in cash