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Prepare the journal entries for both companies

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Question - Textile manufacturer Carla Vista Corp. exchanges robotic equipment with an original cost of $20,000 and a carrying amount of $12,200 with the equipment rental company Martinez Corp. The equipment that is received in exchange from Martinez Corp. has an original cost of $35,000 and a carrying amount of $16,900, performs different functions, and has a fair value of $21,300. Both companies are 100% owned by the same individual. Because they are closely held companies, they both follow ASPE. Prepare the journal entries for both companies to record the exchange.

Reference no: EM133092609

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