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Question - ABC Co. exchanged machinery with an appraised value of $2,200,000, a recorded cost of $3,068,000 and accumulated depreciation of $1,085,000, for machinery that EFG Inc. owns. EFG's machinery has an appraised value of $1,350,000, a recorded cost of $2,569,000, and accumulated depreciation of $1,856,000. EFG also gave ABC $46,000 in the exchange. Assume depreciation has been updated to the date of exchange.
Required -
1. Prepare the entries on both companies' books assuming that the transaction has commercial substance.
2. Prepare the entries on both companies' books assuming that the transaction lacks commercial substance.
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