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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?
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The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $500,000 current and $500,000 noncurrent. The income tax rate is 30% for all years.
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credit Card for paymentAccounting
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ACC207 Corporate Accounting and Financial Statement Analysis Assignment - Determine the gross minimum lease payments for the whole lease period
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