P9A-35A (similar to) Question Hep During 2018, Cora Corporation completed the fo

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P9A-35A (similar to) Question Hep During 2018, Cora Corporation completed the following transactions: 0Cick te ion to view transactions.) Reoord the transactions in the journal of Cora Corporation. (Record debits irst, then credits. Seledt the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $70,000 (cost of $139,000 and accumulated depreciation of $69,000) for new equipment Cora also paid $90,000 in cash. Fair value of new equipment a $163,000. Assume the exchange had commercial substance. (Record a single compound jounal entry ) Accounts and Explanation Debit Credit Date Jan. 1 Choose from any list or enter any number in the input flields and then click Check Answer Check Answer Clear All

Explanation / Answer

01-Jan New equipment 163000 Accumulated depreciation -old equipment 69000                  Gain on sale of old equipment 3000                  Old equipment 139000                  Cash 90000 01-Apr Cash 5800 Accumulated depreciation equipment 44500 Depreciation expense 2700 (54000*1/5*3/12) Loss on sale of equipment 1000                     Equipment 54000 Dec-31 Depreciation expense 81500 (163000*50%)              accumulated depreciation equipment 81500

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