Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2021. julia exchanged its non-monetary

On July 1, 2021. JULIA exchanged its non-monetary asset (equipment) with GERALD's non-monetary asset (machinery),...

90.2K

Verified Solution

Question

Accounting

image
On July 1, 2021. JULIA exchanged its non-monetary asset (equipment) with GERALD's non-monetary asset (machinery), The following data were made available: JULIA: Equipment Accumulated depreciation Cash received from Gerald P4,400,000 2,000,000 500,000 GERALD Machinery Accumulated depreciation P3,700,000 1,800,000 500,000 Cash paid to Julia The transaction lacks commercial substance. How much is cost of the new asset of JULIA

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

Finance
1.2K views

A project with a life of 10 has an initial fixed asset investment of $10,920, an...

Advance Math
1.2K views

Find the system of equations to model the problem. Don't solve the system. A paper company produces...

Medical Sciences
1.2K views

What do the DFA results indicate about what might be causing this disease?

Programming
1.2K views

Please answer with a fully detailed solution with examples. Difference between interpretive and compiler languages? What are the...

Statistics
1.2K views

DETAILS ASWSBE14 6 E 022 MY NOTES ASK YOUR TEACHER You may need to use...

Algebra
1.2K views

Find the fifth term of a geometric sequence for which a3 Select one 040 O...

Accounting
1.2K views

You face five different data preparation scenarios. Match a data quality issue...

Accounting
1.2K views

Choose one company listed in Bursa Malaysia. Find their latest Annual Report. Take note that...

Accounting
1.2K views

Need to find data from annual reports for Tesla for the year ended in 2020....

Accounting
1.2K views

I thought that the annual depreciation for 2019 was 19,250 but the homework is marking...

Accounting
1.2K views

what are the "faciliting goods" in the service industry? give 2 examples and explain its...

Finance
1.2K views

Assignment Graded You have been asked to assess the financial standing of Pet World, a...