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Which of the following would be correct for Stanton to record

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Which of the following would be correct for Stanton to record 1. Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $8,000 cash. The old machine cost $93,000 and had a net book value of $71,000. The old machine had a fair market value of $60,000. Which of the following is the correct journal entry to record the exchange? a. Equipment 68,000 Loss on Exchange 11,000 Accumulated Depreciation 22,000 Equipment 93,000 Cash 8,000 b. Equipment 68,000 Equipment 60,000 Cash 8,000 c. Cash 8,000 Equipment 60,000 Loss on Exchange 11,000 Accumulated Depreciation 22,000 Equipment 101,000 d. Equipment 123,000 Accumulated Depreciation 22,000 Equipment 93,000 Cash 8,000 Use the following information to answer questions 2 & 3. Below is the information relative to an exchange of assets by Stanton Company. The exchange lacks commercial substance. Old Equipment Book Value Fair Value Cash Paid Case I $75,000 $85,000 $15,000 Case II $50,000 $45,000 $7,000 2. Which of the following would be correct for Stanton to record in Case I? Record Equipment at: Record a gain of (loss) of: a. $90,000 $0 b. $100,000 $10,000 c. $75,000 $(5,000) d. $90,000 $10,000 3. Which of the following would be correct for Stanton to record in Case II? Record Equipment at: Record a gain of (loss) of: a. $57,000 $5,000 b. $50,000 $2,000 c. $52,000 $(5,000) d. $50,000 $(2,000) Use the following information for questions 4 and 5. Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair market value of $19,000. Boot of $4,000 is received by Armstrong Co. 4. What amount should Glen Inc. record for the asset received? a. $15,000 b. $16,000 c. $19,000 d. $20,000 5. What amount should Armstrong Co. record for the asset received? a. $15,000 b. $16,000 c. $19,000 d. $20,000 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Which of the following would be correct for Stanton to record

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