{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

11-3 - P109()OnAugust1,Hyde,Inc. Inc., A B Originalcost...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
P10-9 (Nonmonetary Exchanges) On August 1, Hyde, Inc. exchanged productive assets with Wig Inc. Hyde’s asset is referred to below as “Asset A,” and Wiggins’ is referred to as “Asset B.” The following facts pertain to these assets. A B Original cost  $96,000 $110,000 40000 47000 Fair value at date of exchange 60000 75000 Cash paid by Hyde, Inc 15000 Cash received by Wiggins, Inc. 15000 Instructions (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchan both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles. (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the excha both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles. A) Hyde's Asset (Asset A) Asset B 100000 Accumulated Deprciation - Asset A 40000 Asset A 96000 Gain On Disposal Arna Inc.’s Books Asset B  ............................................................................  75,000
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern