A computer server system, which had cost $210,000 and had accumulated amortization of $14
A computer server system, which had cost $210,000 and had accumulated amortization of $147,000 was traded for a new system with a fair market value of $235,000. The old system and cash of $180,000 were given for the new system. Prepare the journal entry for the exchange of these similar assets assuming a trade-in allowance for the old server.
25) If a plant asset is fully amortized and discarded, no ________ or ________ will be realized.
26) The difference between the item's cost and accumulated amortization is the ________.
27) Journalize the following transactions for PetsRUs:
Mar. 5Sold a truck for $6,000 that cost $9,000 and had an accumulated
amortization of $5,000.
Mar. 10A machine costing $10,000 with accumulated amortization of $8,000 was
destroyed in a fire. No claim was filed.
May 15Traded in a machine costing $20,000, with $15,000 of accumulatedamortization,
for a new machine costing $30,000 with a trade-in allowance of $7,000.