9) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Busy town Corporation gave the machine plus $ 340 to Disk Business machine Company( dealer) in exchange for a new machine. Assume the following information about the machines. For each company, prepare the necessary journal entry to record the exchange.
10) Under IFRS, Sampson company, who has a non-current asset which has been classified as held-for-sale, should
11) Miller Company, a company who uses IFRS reporting standards, sells a non-current asset classified as held-for-sale. Which of the following statements is true regarding the treatment of a gain on a subsequent increase in the fair value less cost?
12) Damson Company, a company who uses IFRS reporting standards, has a non-current asset that has been classified as held-for-sale. When the asset no longer meets this definition, Danson should
9) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Busy town Corporation gave the machine plus $ 340 to Disk Business machine Company( dealer) in exchange for a new machine. Assume the following information about the machines. For each company, prepare the necessary journal entry to record the exchange.
10) Under IFRS, Sampson company, who has a non-current asset which has been classified as held-for-sale, should
11) Miller Company, a company who uses IFRS reporting standards, sells a non-current asset classified as held-for-sale. Which of the following statements is true regarding the treatment of a gain on a subsequent increase in the fair value less cost?
12) Damson Company, a company who uses IFRS reporting standards, has a non-current asset that has been classified as held-for-sale. When the asset no longer meets this definition, Danson should