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Exchange of assets WITH CASH INVOLVED
Elias Company and Emma Company are fuel oil distributors. To facilitate the delivery of oil to customers, Elias and Emma exchanged ownership of 1,000 barrels of oil without physically moving the oil. Elias paid Emma P1,500,000 to compensate for a difference in the grade of oil. On the date of the exchange, cost and fair value of oil were:
Elias Company Emma Company
Cost 5,000,000 6,000,000
Fair value 7,000,000 8,500,000
Question 1: Prepare the relevant journal entries if transaction is
a) with commercial substance; and
b) without commercial substance.
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