Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

On December 31, 2011, Audubon Inc. exchanged machines A and B for a new machine C. Audubon also received $5,000 in cash. The transaction is deemed to lack commercial substance..

• Machine A was acquired on January 1, 2008, at a cost of $60,000. The machine has an estimated 10-year useful life and scrap value of $10,000. This machine is depreciated using straight-line depreciation.

• Machine B was acquired on January 1, 2010, at a cost of $70,000. The machine has an estimated five-year useful life and scrap value of $5,000. This machine is being depreciated using the double-declining method.

• Machine C has a fair value of $63,400 at December 31, 2011.

Based on these facts, prepare all necessary journal entries under US GAAP and IFRS. SHOW YOUR LABELED WORK!

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945487

Have any Question? 


Related Questions in Accounting Basics

Business administration managemntamp commercial sciences

BUSINESS ADMINISTRATION, MANAGEMNT& COMMERCIAL SCIENCES ACCOUNTING 512 ASSIGNMENT The purpose of an assignment is to ensure that the Learner is able to: Demonstrate an understanding of accounting principles. Systematical ...

A taxpayer lives in michigan in a controversy with the irs

A taxpayer lives in Michigan. In a controversy with the IRS, the taxpayer loses at the trial court level. Describe the appeal procedure for each of the following trial courts: a. Small Cases Division of the U.S. Tax Cour ...

Imagine you are a member of the project approval committee

Imagine you are a member of the project approval committee. An ambitious young manager in the marketing department is well connected with the top management team in your company. He catches you in the hall and mentions t ...

Write the given assignmentinstructions this assignment is

Write the given assignment. Instructions This assignment is an essay and should include an abstract, introduction, body, conclusion and bibliography. Maximum word count 1500 words not including the abstract and bibliogra ...

Question 1 accounting equation determine the missing amount

Question 1: Accounting Equation Determine the missing amount in each of the following cases:    Assets                          Libilities              stockholders' Equity a. $200,000                     $85,000         ...

Following is the current balance sheet for a local

Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 50,000Liabilities $ 90,000 Land 290,000 A, capital 70,000 Building and equipment (net) 220,000 B, capital 90,000 C, cap ...

Accounting for business decisions melbourne assignment-the

Accounting for Business Decisions Melbourne Assignment- The assignment will undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that y ...

Exercise 1making special pricing decisionssuppose the

Exercise 1 Making special pricing decisions Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hungry-Cardz with a special order. The Hall of Fame wishes to purchase 55,000 baseball card packs for ...

You may have to research more than 1 company to complete

You may have to research more than 1 company to complete the Key Assignment. Plan accordingly. The purpose of this Key Assignment is to get familiar with annual reports and to understand the financial implications of the ...

Assignment 1 - this assignment has 2 parts 1000 word theory

Assignment 1 - This assignment has 2 parts, 1000 word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sure ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate