On the first day of the fiscal year, a new walk-in cooler with a list price of $52,000 was acquired in exchange for an old cooler and $42,000 cash. The old cooler had a cost $24,000 and accumulated depreciation of $17,000.
a)Determine the gain to be recorded on the exchange.
b)Joumalize the entry to recort the exchange.

Question

On the first day of the fiscal year, a new walk-in cooler with a list price of $52,000 was acquired in exchange for an old cooler and $42,000 cash. The old cooler had a cost $24,000 and accumulated depreciation of $17,000.
 a)Determine the gain to be recorded on the exchange.
b)Joumalize the entry to recort the exchange.

Quizplus · Accepted Answer

The Answer of On the first day of the fiscal year, a new walk-in cooler with a list price of $52,000 was acquired in exchange for an old cooler and $42,000 cash. The old cooler had a cost $24,000 and accumulated depreciation of $17,000.
 a)Determine the gain to be recorded on the exchange.
b)Joumalize the entry to recort the exchange.

On the First Day of the Fiscal Year, a New