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(Solution document) Corplex Ltd recently traded in office furniture as follows: Old Furniture: Cost, $89,000 Accumulated depreciation, $76,000 New furniture: List price,...


Corplex Ltd recently traded in office furniture as follows:

Old Furniture:

Cost, $89,000

Accumulated depreciation, $76,000 New furniture:

List price, $110,000. Cash paid, $110,000 & the supplier took the old furniture.

Required:

1? Record Corplex Ltd.'s exchange of old furniture for new. (Marks: 5) 2?Now suppose the list price of the new furniture was $120,000 & Corplex paid $105,000 & the supplier took the old furniture. Now record the transaction.

(Marks: 7)

 







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