Prepare the journal entries to record the exchange

Assignment Help Financial Accounting

Reference no: EM13163566

Santana Company exchanged equipment used in its manufacturing operations plus $3,990 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange.

	Santana Co.	Delaware Co.
Equipment (cost)	$55,860	$55,860
Accumulated depreciation	37,905	19,950
Fair value of equipment	26,933	30,923
Cash given up	3,990

(a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Santana Company:




(b)	Delaware Company:

(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Santana Company





(b)	Delaware Company

Reference no: EM13163566

Questions Cloud

Draw the product of the reaction : Draw the product of the reaction between 1-butyne and NaNH2 in NH3, then D3O+. To add a deuterium atom, first explicitly add an H.

What is the final temperature of the mixture : 25.0 mL of ethanol (density = 0.789 g/mL) initially at 5.4°C is mixed with 34.6 mL of water (density = 1.0 g/mL) initially at 25.3°C in an insulated beaker. Assuming that no heat is lost, what is the final temperature of the mixture?

Randominrange() function that accepts two integer : Write a randomInRange() function that accepts two integer parameters. The parameters will represent the low number and the high number (both inclusive) in the random range. For example, when the function receives 3 and 8.

How many moles of oxygen will be produced : How many moles of oxygen will be produced if 27.6 grams of Al are produced?

Prepare the journal entries to record the exchange : Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.

Hydrogen peroxide decomposes to water and oxygen : Hydrogen peroxide decomposes to water and oxygen, and the activation energy for this process is 42 kJ/mol. The hydrogen peroxide formed in the biological process is harmful to tissue

The number of operations executed by algorithms : The number of operations executed by algorithms A andB is 8nlogn and 2n 2 , respectively. Determine n 0 such that Ais better thanB for n ? n 0 .

Calculate the wavelength in picometer of gamma ray : Calculate the wavelength in picometer of gamma ray radiation whose frequency is 9.74 × 1019 Hz. Express answer in scientific notation.

Find the concentration of ammonia in the solution : A solution is prepared by dissolving 0.11 mol of acetic acid and 0.11 mol of ammonium chloride in enough water to make 1.0 L of solution. Find the concentration of ammonia in the solution.

User Account

All Pages