Brief Exercise 10-10 Wildhorse Company traded a used welding machine (cost $10,9

Question

Brief Exercise 10-10 Wildhorse Company traded a used welding machine (cost $10,980, accumulated depreciation $3,660) for office equipment with an estimated fair value of $6,100 WIldhorse also pald $3,660 cash In the transaction Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount Is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date Account titles and explanation debit credit Accumlated depreciation 3660 Office equipment 6100 Loss on exchange of assets 4880 Welding machine 10980 Cash 3660 (To record exchange of assets)

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