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Exam III Review ACC 3023 Spring, 2011 10 Problems (No Multiple Choice) PLEASE! Show your work! 1. Chapter 10. Exchange of assets: Computation and write journal entries Practice problems: Brief Exercises: 10 8 to 10 12 BRIEF EXERCISE 10 8 Equipment ?3,300???Accumulated Depreciation—Trucks ?18,000??? Trucks ??20,000?? Cash ??500?? Gain on Disposal of Trucks ??800?? BRIEF EXERCISE 10 9 Equipment ($3,300 – $800) ?2,500???Accumulated Depreciation—Trucks ?18,000??? Trucks ??20,000?? Cash ??500?? BRIEF EXERCISE 10 10 Equipment ?5,000???Accumulated Depreciation—Machinery ?3,000???Loss on Disposal of Machinery ?4,000??? Machinery ??9,000?? Cash ??3,000?? BRIEF EXERCISE 10 11 Trucks (new) ?37,000???Accumulated Depreciation—Trucks ?27,000???Loss on Disposal of Trucks ?2,000??? Trucks (used) ??30,000?? Cash ??36,000?? BRIEF EXERCISE 10 12 Trucks (new) ?35,000???Accumulated Depreciation—Trucks ?17,000???Loss on Disposal of Trucks ?1,000??? Trucks (used) ??20,000?? Cash ??33,000?? Exercises: 10 17 to 10 20 EXERCISE 10 17 (10–15 minutes) Alatorre Corporation????Machinery ($320 + $85) ?405???Accumulated Depreciation—Machinery ?140???Loss on Disposal of Machinery ?65*??? Machinery ??290?? Cash ??320?? ?*Computation of loss:???? Book value of old machine ($290 – $140)?$150??? Less: Fair value of old machine? 85??? Loss on exchange?$ 65?? Mills Business Machine Company????Cash ?320???Inventory ?85???Cost of Goods Sold ?270??? Sales Revenue ??405?? Inventory ??270?? EXERCISE 10 18 (20–25 minutes) (a)?Exchange has commercial substance:?????Depreciation Expense ?800???? Accumulated Depreciation—    Equipment ?? 800??? ($12,700 – $700 = $12,000;????? $12,000 ÷ 5 = $2,400;????? $2,400 X 4/12 = $800)??????????Equipment ?15,200**????Accumulated Depreciation—Equipment ?8,000???? Gain on Disposal of Equipment ??500*??This document was truncated here because it was created in the Evaluation Mode.