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Whispering Company traded a used welding machine (cost $11,340, accumulated depreciation $3,780) for office equipment with an estimated fair value of $6,300. Whispering also paid $3,780 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) g

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Answer:

Dr Equipment $6,300

Dr Accumulated depreciation $3,780

Dr Loss on disposal $5,040

Cr Machinery $11,340

Cr Cash $3,780

Explanation:

Whispering Company

Journal entries

Dr Equipment $6,300

Dr Accumulated depreciation $3,780

Dr Loss on disposal $5,040

Cr Machinery $11,340

Cr Cash $3,780

Loss on disposal

$6,300+$3780=$10,080

$11,340+$3,780=$15,120

$15,120-10,080=5,040

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