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Question - Young Company exchanged machinery with Robinson Corporation for machinery Robinson owns. The following is provided for each company's assets in the exchange:
Young Company
Robinson Company
Appraised Value
1,462,500
1,412,500
Cost
2,250,000
2,700,000
Accumulated Depreciation
1,125,000
1,485,000
Robinson also gave Young $50,000 in the exchange. Assume depreciation has already been updated.
Required -
1. Prepare the entries on both companies' books assuming that the exchange had commercial substance.
2. Prepare the entries on both companies' books assuming that the exchange lacked commercial substance.
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