This paper circulates around the core theme of Prepare all entries that are necessary on April 1, 2013. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
A machine cost $140,000, has annual depreciation expense of $28,000, and
has accumulated depreciation of $70,000 on December 31, 2012. On April
1, 2013, when the machine has a fair value of $56,000, it is exchanged
for a similar machine with a fair value of $168,000 and the proper
amount of cash is paid. The exchange lacked commercial substance.
Required:
Prepare all entries that are necessary on April 1, 2013.