Give me an accounting entry for non-monetary exchange

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Reference no: EM133633850

Give me an accounting entry for non-monetary exchange of services per ASPE 3831.05f for A Company:

a) A company is a subsidiary of Company B (25% owns a, so a related party too).

b) Company A's engineers were contracted to do some services to Company C for the construction of its building (in exchange for services of the Company C owner's sons in project management).

c) As a related party transaction, it should be recorded at exchange values because ASPE 3840.29 and decision tree were met.

d) Company A's agreed pricing for its engineers is $17,000 while the Company C's pricing for its son's services to Company was $15,000.

e) Company A's salary expenses on its engineers amount to a sum of $11,200 (while they were billed to Company C as $17,000 above in d)

Please clearly label each account debited and credited - clearly label on the side --->, if fair value, exchange value and add details like, this is the salary of Company A for its engineers, etc.

And provide a detailed explanation of an entry (composed with the debits and credits) ---> example, this is to record revenue for the engineering and architect's services to Company C.

Reference no: EM133633850

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