Normal No Spacing Heading 1 2L L. ..19 101 12. 13 1 1 51617 18 19 Question 3 XZ

Question

Normal No Spacing Heading 1 2L L. ..19 101 12. 13 1 1 51617 18 19 Question 3 XZ owned Asset A that was reflected in the accounts as: cost, $60,000 and accumulated amortization, $35,000. Its market value in present condition is reliably estimated to be $38,000. XZ acquired Asset B (a similar asset) that had a firm cash price of $32,000. The asset acquired (B) was paid for by trading in Asset A and paying cash of $16,000. Required: Give the entry XZ should make to record this transaction. General Journal Date Account Titles and Explanation Debit Credit Question 4. Required: Provide the journal entries for the independent transactions below:

Explanation / Answer

Accumulated depreciation-Asset A 35000 Asset B 32000 Asset A 60000 Los on exchange of assets 9000 Cash 16000

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