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Cousin's Bar-B-Q Restaurant recently remodeled its store. The remodel included obtaining
all new kitchen equipment. Much of the older equipment was traded-in as partial
consideration toward the purchase of the newer items. Examine each of the following
exchanges, and prepare appropriate entries to reflect the trade. Each exchange was
deemed to have commercial substance, except for the trade of the smoker oven.
Accumulated
Cash Given
Fair Value of
Cost
Depreciation
or (Received)
New Item
Sink
$ 10,000
S
6,500
$
S
5,000
Cutting table
20,000
8,000
10,000
Refrigerator
12,000
10,000
15,000
20,000
Freezer
18,000
4,000
11,000
17,000
Computer
7,500
6,000
(1,000)
5,000
Fire suppressor
9,000
2,000
(2,000)
3,000
Smoker oven
12,500
2,500
13,000

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