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Question - Metlock Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Bonita Company. The following information pertains to the exchange.
Metlock Co.
Bonita Co.
Equipment (cost)
$42,000
Accumulated depreciation
28,500
15,000
Fair value of equipment
18,750
23,250
Cash given up
4,500
Required - Prepare the journal entries to record the exchange on the books of both companies.
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