Midterm Part 2 1-5

Midterm Part 2 1-5 - Question 1 6 out of 6 points Beeman...

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Question 1 6 out of 6 points Beeman  Company  exchanged  machinery with  an appraised  value of  $1,755,000, a  recorded cost of  $2,700,000 and  Accumulated  Depreciation of  $1,350,000 with  Lacey  Corporation for  machinery Lacey  owns. The  machinery has an  appraised value  of $1,695,000, a  recorded cost of  $3,240,000, and  Accumulated  Depreciation of  $1,782,000.  Lacey also gave  Beeman $60,000  in the exchange.  Assume  depreciation has  already been  updated. Required : Prepare the  journal entry 
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required in proper  format to record  the exchange for  Lacey; assume  that the exchange  had commercial  substance (show  all calculations  for partial credit  review). Answer Selected Answer: Lacey Machinery. .......................... 1,755,000 Accum. Depreciation- Machinery. .................. 1,782,000 Gain on Exchange of $237,000 Machinery. ..... Cash. ........... Correct Answer: Prepare your answer to this problem in the template provided and  submit the template to Question #10, File Response. Response Feedback: [None Given] Question 2 6 out of 6 points Simpson and  Homer  Corporation  acquired an office  building on three  acres of land for  a lump-sum price  of  $2,400,000. Acco
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rding to  independent 
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Midterm Part 2 1-5 - Question 1 6 out of 6 points Beeman...

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