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LT assignment wk 3 upload - Week 3 Learning Team Assignment...

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Week 3 Learning Team Assignment P10-8 1) Choctaw Co. offered to exchange a similar machine plus 23,000 (The exchange has commercial substance for both parties.) Susquehanna Choctaw Machine Cost 160,000 120,000 Acc Depreciation 50,000 45,000 Fair Value 92,000 69,000 Susquehanna Cash 23,000 Machinery 120,000 Acc Depreciation 50,000 Exchange of Machine 18,000 Machine Cost 160,000 Machine Cost 160,000 -Acc Depreciation (50,000) Book Value 110,000 Book Value 110,000 Fair Value 92,000 Loss 18000 Choctaw Machinery 92,000 Cost 120,000 Acc Depreciation 45,000 - Acc Depr (45,000) Exchange 6,000 Book Value 75,000 Cash 23,000 Fair Value 69,000 Machinery 120,000 Loss 6,000
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2) Powhatan Company offers to exchange a similar machine. (No commercial substance) Susquehanna Powhatan Machine Cost 160,000 147,000 Acc Depreciation 50,000 71,000 Fair Value 92,000 92,000 Susquehanna Machinery 92,000 Acc Depreciation (50,000) Exchange 18,000 Cost of Machinery 160,000 Cost of Machinery 160,000 -Acc Depreciation (50,000) Book Value 110,000 -Fair Value (92,000) Loss 18,000 Powhatan Machinery 76,000 Acc Depreciation 71,000 Machinery Cost 147,000 Machine Cost 147,000 -Acc Depre (71,000) Book Value 76,000 Gain on Exchange Fair Value 92,000 Book Value 76,000 Gain on Exchange16,000
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3) Sharonee offered to exchange a similar machine but wanted 8,000 in addition to Susquehanna’s machine.
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