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Prepare the journal entries to record the exchange

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Reference no: EM133102064

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

$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.

Reference no: EM133102064

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