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View Policies Current Attempt in Progress Teal Mountain Inc. purchased a commercial grade soft-serve ice...

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Accounting

View Policies Current Attempt in Progress Teal Mountain Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Teal Mountain traded in its existing machine and paid cash in the transaction. The details of the transaction are as follows: quad List price of new freezer Cash paid Cost of old machine (4-year life, $1,740 salvage value) Accumulated depreciation-old machine (straight-line) Secondhand fair value of old machine $24,070 16,008 20,300 9,280 7,772 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Teal Mountain's fiscal year ends on December 31, and Teal Mountain recorded depreciation on the old machine through Septemb

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