Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please solve it quickly please msn company ow

please solve it quickly please MSN Company owns an old...

80.2K

Verified Solution

Question

Accounting

please solve it quickly please
image
MSN Company owns an old machine that cost $60,000, has annual depreciation expense of S12,000, and has accumulated depreciation of $30,000 on December 31, 2020 On March 31, 2021, when the machine has a fair value of $24,000, it was exchanged for a similar machine that worth $72,000 and the proper amount of cash is paid. The exchange lacks commercial substance Required: Prepare the necessary journal entries on March 31, 2021. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI US Paragraph. 10pt Aral ini 11! C > I. O WORDS POWERED Activate Window

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

Q

1) Suppose a manager earns a positive alpha for a year of investing. Efficient market hypothesis...

Finance
Q

A student forgot to read the label on the jar carefully and put potassium chloride in...

Chemistry
Q

A parachutist whose mass is 80 kg drops from a helicopter hovering 2000 m above the...

Advance Math
Q

What type of cell contains half the usual complement of chromosomes zygote O haploid O...

Biology
Q

This question is based on the last ATOD How do Whiptail lizards adapt to survive...

Biology
Q

A submarine A travelling at 18 km h is being chased along the line of...

Physics
Q

Though invented by an Italian radio found its greatest market in the United States transforming...

Basic Math
Q

Given u = 144i - 17j, what are the magnitude and direction of -3u? Round...

Calculus
Q

1.2 REQUIRED Use the information provided below to calculate the amount earned by...

Accounting
Q

Crane Corporation prepared the following reconciliation for 2021, its first year of operations: ...

Accounting
Q

PLEASE HEL ME ANSWER THIS ALL THIS IS MY LAST QUESTION PLEASE HELP ME PLEASE...

Accounting
Q

For each question, you will be using the SECs EDGAR database (www.sec.gov) to access companies...

Accounting