Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. loonyback inc. exchanged an old vehicle for a new

Loonyback Inc. exchanged an old vehicle for a new vehicle on August 31, 2021. The...

90.2K

Verified Solution

Question

Accounting

Loonyback Inc. exchanged an old vehicle for a new vehicle on August 31, 2021. The original cost of the vehicle was $45,000 on January 1, 2017. Depreciation was calculated using the straight-line method over a ten-year useful life, with an estimated residual value of $3,000. The fair value of the old vehicle on August 31, 2021 was $21,500. The list price of the new vehicle was $30,000. Loonyback received a $24,000 trade in allowance from the dealership and paid $6,000 cash for the new vehicle. The new machinery should be recorded on Loonyback's books at

$30,000.

$24,000.

$27,500.

$23,500.

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

a developing follicle just prior to ovulation is known as?

Medical Sciences
Q

In words, explain the Lawson criterion and its significance. a)One needs high densities for extended time...

Physics
Q

Aircraft Structural Engineering \"consider you are designing the aircraft, how you will specify the bulkhead distances...

Mechanical Engineering
Q

what are the impacts of sexual promiscuity and sexual exploration on the developmental process at this...

Psychology
Q

Upper motor neurons are fibers association projection commissural Question 16 1 point The hippocampus is...

Biology
Q

e a cofunction to write an expression equal to csc CSC T 0 100 8...

Basic Math
Q

A university conducted a survey of 364 undergraduate students regarding satisfaction with student government Results...

Statistics
Q

2 Shetch the region and find its areo a y x y 2x b y...

Calculus
Q

Which inequality has a solution set of 5 00 0 1 4 0 1 4...

Calculus
Q

Prepare an income statement for the year ending December 31, 2025. WILDHORSE CO. Income Statement...

Accounting
Q

Bill has just returned from a duck hunting trip. He brought home eight ducks. Bill's...

Accounting
Q

Match the terms with their correct definition. Question content area bottom Part 1 ...

Accounting