Dixongy Co. has a pump in its warehouse with a cost of $10,000, including shipping...
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Dixongy Co. has a pump in its warehouse with a cost of $10,000, including shipping and handling to the warehouse. The pump is new and could be installed in a newly drilled well. The current market value of the pump is $10,000. Dixongy Co. transfers the pump from its warehouse to a jointly owned property in which Dixongy Co. is the operator and has a 40% working interest. Transportation costs from the warehouse to the property total $300.
Required: Prepare the journal entries to record the above transactions for Dixongy Co.
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