Chapter+10+Quiz+-+Nonmonetary+Asset+Exchange

Chapter+10+Quiz+-+Nonmonetary+Asset+Exchange - (original...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 10 Quiz – Nonmonetary Asset Exchange NAME: ________________________________ Class: __________________________ On April 25, 2011, the Red Rock Canyon Company traded its laser equipment for the newer air-cooled ion lasers manufactured by American Laser Corporation. The old equipment had a book value of $100,000
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: (original cost of $500,000 less accumulated depreciation of $400,000) and a fair value of $75,000. Red Rock Canyon paid American Laser Corporation $430,000 in cash. Make the journal entry to record this transaction on the books of Red Rock Canyon Company. The transaction has commercial substance....
View Full Document

Ask a homework question - tutors are online