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Prepare the entry to record the exchange of assets

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Question - Presented below are two independent transactions.

1. Ima Knucklehead exchanged old trucks (cost $75,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair market value of $39,000.

2. Yura Dingaling trades its used machine (cost $14,000 less $6,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $12,000), Yura also paid cash of $5,000.

Required -

(a) Prepare the entry to record the exchange of similar assets by Ima Knucklehead.

(b) Prepare the entry to record the exchange of similar assets by Yura Dingaling.

Reference no: EM132470526

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