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(Solution Download) Rogers Co. had a sheet metal cutter that cost $102,000 on January 5, 2010. This old cutter had an es


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rogers Co. had a sheet metal cutter that cost $102,000 on

 

January 5, 2010. This old cutter had an estimated life of ten years

 

and a salvage value of $15,000. On April 3, 2015, the old cutter is

 

exchanged for a new cutter with a fair value of $60,000. The

 

exchange lacked commercial substance. Rogers also received $15,000

 

cash. Assume that the last fiscal period ended on December 31,

 

2014, and that straight-line depreciation is used.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculate the gain or loss to be recognized by Rogers Co.

 

 

 

 

 

 

 

 

 

 

GainLoss recognized

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare all entries that are necessary on April 3, 2015.

 

(Credit account titles are automatically indented when

 

the amount is entered. Do not indent manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(To record depreciation.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(To record exchange of machineries.)

 

 

 

 

 


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