Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. culver co. exchanged old trucks (cost $60,500 less

Culver Co. exchanged old trucks (cost $60,500 less $19,500 accumulated depreciation) plus cash of $15,500...

90.2K

Verified Solution

Question

Accounting

Culver Co. exchanged old trucks (cost $60,500 less $19,500 accumulated depreciation) plus cash of $15,500 for new trucks. The old trucks had a fair value of $36,900. Pronghorn Inc. trades its used machine (cost $12,090 less $4,030 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,960), Pronghorn also paid cash of $3,100.

Prepare the entry to record the exchange of assets by Culver Co.

Prepare the entry to record the exchange of assets by Pronghorn Inc.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

explain how the structure of the epithelium and muscularis of the small intestine ,stomach and esophagus...

Medical Sciences
Q

Exlpain the following: (a) Most genetic disorders that detrimentally affect survival or fertility are caused by recessive...

Biology
Q

Unit 2 Accelerations ... Compute the answers and match the following. A rock is thrown vertically into...

Physics
Q

Which of the following best describes the demographics of St. Domingue (later Haiti) BEFORE the...

Biology
Q

Question 15 What is the difference between a primary immune response initial exposure to an...

Biology
Q

A cylindrical tank with a large diameter is filled with water to a depth D...

Physics
Q

If displacement of a particle is zero the distances covered 1 must be zero 2...

Physics
Q

For a school band trip, Marcia decides toorder T-shirts for all of the participants. Itwill...

Basic Math
Q

Suppose z is the standard normal variable. Draw the normal curve for each of the...

Basic Math
Q

Consider the function f(x) = 2,139(1.075)?. What does the 8 represent?1. The starting value2. The...

Algebra
Q

Menlo Company distributes a single product. The companys sales and expenses for last month follow:...

Accounting
Q

Please do it by type not pics. 1.Calculate the balance of the premium account at...

Accounting