Prepare the journal entries to record the exchange of marco, Ask an Expert

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On november 30, 2010, Marco Company exchanged old office equipment and $24,000 for new office equipment. The old office equipment originally cost $48,000 and had accumulated depreciation to the date of disposal of $21,000. It is estimated that the fair market value of the old office equipment on november 30 was $36,000. The transaction has commercial substance.

Instructions:

Prepare the journal entries to record the exchange of Marco Company office equipment which has a calendar year end and uses the straight-line method of depreciation. Make sure to include the journal entries for the depreciation for the current year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973995

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