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Prepare journal entries for denver and bristol

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Question - Two independent companies, Denver and Bristol, each own a warehouse, and they agree to exchange them.

The following information for the two warehouses is available:

Denver

Bristol

cost

90,000

45,000

accumulated depreciation

55,000

25,000

fair value

33,000

30,000

Bristol agrees to pay Denver $ 3,000 to complete the exchange.

Required: Assuming the transaction has commercial substance, prepare journal entries for Denver and Bristol to record the exchange?

Reference no: EM132037609

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