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    Nataliee89's Avatar
    Nataliee89 Posts: 10, Reputation: 1
    New Member
    		  
    #1

    Sep 11, 2013, 04:42 PM
    Disposal of Long-Term Assets help!! Please
    Please help me with Acc. Project. Thank You.

    Exchange of Long-Term, Nommonetary Assets

    Ledger Account Balances: :
    Equipment... $ 70,000
    Accumulated Depreciation... 65,100

    Book value... $ 4,900

    NEW EQUIPMENT:
    Market Value: $ 84,000
    Cash paid: $ 83,055

    What is the amount of the Loss on Exchange of Assets?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Sep 11, 2013, 10:39 PM
    Book value of asset 4,900
    Trade in value
    Cost of new asset - cash paid 945
    Loss on exchange
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #3

    Sep 11, 2013, 10:40 PM
    Quote Originally Posted by rehmanvohra View Post
    book value of asset 4,900
    trade in value
    cost of new asset - cash paid 945
    loss on exchange
    3,955
    Nataliee89's Avatar
    Nataliee89 Posts: 10, Reputation: 1
    New Member
    		  
    #4

    Sep 12, 2013, 12:49 PM
    Thank you! )
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #5

    Sep 13, 2013, 12:38 AM
    4900-945=3955
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