Reference no: EM132319485
Question
Shamrock Company exchanged equipment used in its manufacturing operations plus $3,840 in cash for similar equipment used in the operations of Bridgeport Company. The following information pertains to the exchange.
Shamrock Co. Bridgeport Co.
Equipment (cost) $35,840 $35,840
Accumulated depreciation 24,320 12,800
Fair value of equipment 16,000 19,840
Cash given up 3,840
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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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