Question - 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. exchange of old furniture for new.
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.