MC Exchanged One of Its Milling Machines, Which Had Cost

question 164

Essay

MC exchanged one of its milling machines, which had cost $60,000 and on which amortization of $50,000 had been recorded for a smaller milling machine with a firm cash asking price of $14,000. MC received a cash difference (boot) of $6,000.
(A) Give the entry on MC's books to record the exchange.
(B) Refer to the data given immediately above. Assume the same facts, except that MC paid cash boot of $6,000. Record the exchange on MC's books.

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Definitions:

Microeconomics

The study of the economic behavior in particular markets, such as that for computers or unskilled labor.

Equilibrium Economics

A state in economic models where supply equals demand, leading to stable prices and quantities.

Microeconomics

The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Economic Behavior

The actions and decisions made by individuals, households, and firms regarding the production, distribution, and consumption of goods and services.