Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on april 30, roberts company exchanged productive

On April 30, Roberts Company exchanged productive assets with Marilyn Corp. The following information relates...

50.1K

Verified Solution

Question

Accounting

image
On April 30, Roberts Company exchanged productive assets with Marilyn Corp. The following information relates to two of these exchanges EXCHANGE A: Roberts Marilyn Asset glven up truck computer Cost $21,000 $18,000 Accumulated Depreciation 5,000 5,000 Fair market value 15,000 14,000 In addition, Marilyn will give Roberts $1,000. Both companies have determined that this transaction HAS commercial substance Requirement 1: Provide the journal entry for Marilyn in Exchange A. EXCHANGE B: Roberts Marilyn Asset given up truck computer Cost $38,000 $70,000 Accumulated Depreciation 6,000 4,000 Fair market value 52.000 60,000 In addition, Roberts will give Marilyn $8,000. Both companies have determined that this transaction LACKS commercial substance. Requirement 2: Provide the journal entry for Roberts in Exchange B

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students