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Prepare the entry to record the exchange of assets by mercy

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Problem - Presented below are two independent transactions. Both transactions have commercial substance.

1. Mercy Co. exchanged old trucks (cost $64,000 less $19,000 accumulated depreciation) plus cash of $15,500 for new trucks. The old trucks had a fair value of $41,300.

2. Pence Inc. trades its used machine (cost $11,880 less $3,960 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $11,220), Pence also paid cash of $3,100.

Prepare the entry to record the exchange of assets by Mercy Co.

Prepare the entry to record the exchange of assets by Pence Inc.

Reference no: EM132082044

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