question archive On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $220,000
On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $220,000
Subject:AccountingPrice: Bought3
On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $220,000. The original cost of the old computer was $180,000 and related accumulated depreciation was $80,000 up to the date of the exchange. Gamez 2 Go Media received a trade-in allowance of $115,000 and paid the balance in cash. Required: a. Record the exchange assuming the fair values are unknown. b. Assume that the fair value of the new asset was $189,000. Record the exchange. What is the dollar value that will be used to depreciate the new computer in part (b)? Could you please explain the solution of this question, is it possible to include document of solution steps
