The Bronco Corporation exchanged land for equipment. The land had a book value of $134,000 and a fair value of $178,000. Bronco paid the owner of the equipment $24,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The Bronco Corporation exchanged land for equipment. The land had a book value of $134,000 and a fair value of $178,000. Bronco paid the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
If the selling price per unit is $42, the unit contribution margin is $15, and total fixed expenses are $570,000, what will the breakeven sales in units be? Group of answer choices 13,571 38,000 8,550,000 21,111
Answers (1)
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to installation locations. Art drove his car 15,000 miles for business purposes and 20,000 miles in total.
Answers (1)
Identify at least three body language messages that project a positive attitude?
Answers (1)
Summarize and contrast how work-based learning benefits the following groups: students, employers, and schools
Answers (2)
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950.
Answers (1)
New Questions in Business
Rodney Halpern works in the marketing department of a major manufacturing firm. Much of his job involves managing the movement of materials, parts, and information from suppliers to his firm.
Answers (1)
A car manufacturer offers either $2,000 cash back or zero percent financing for 5 years. A rational consumer will always take the cash back because money received today is worth more than money received in the future. true/false
Answers (1)
Because of its effect on the amount of capital per worker, in the short term an increase in the working population is likely to a. reduce productivity. Other things the same, this decrease will be larger in a rich country. b. reduce productivity.
Answers (1)
For 2020, Cullumber Company reported beginning total assets of $200,000 and ending total assets of $340,000. Its net income for this period was $40,000, and its net sales were $297,000. Compute the company's asset turnover for 2020.
Answers (1)
A politician employs illegal immigrants for housekeeping services. A nearby restaurant also employs illegal immigrants. The restaurant is fined, but the politician does not suffer any consequences. How would social location explain this?
Answers (1)