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(Solution Download) Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000.


 

 

 

 

 

 

 

Willis Bus Service traded in a used bus for a new one. The

 

original cost of the old bus was $52,000. Accumulated depreciation

 

at the time of the trade-in amounted to $34,000. The new bus cost

 

$67,000, but Mathews was given a trade-in allowance of $10,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

a.What amount of cash did

 

Mathews have to pay to acquire the new bus?

 

     

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

Compute the gain or loss on the disposal for financial reporting

 

purposes.

 

 

      

 


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