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Question - Alexandra corp. exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Perception Corp. Alexandra also paid Perception $6,000 in cash. The following information pertains to the exchange:
Alexandra
Perception
Equipment cost
100,000
110,000
Accumulated depreciation
62,500
44,000
Fair value of equipment
50,000
56,000
Required -
1. Prepare the journal entries to record the exchange on the books of both companies, assuming a. the exchange is determined to have commercial substance.
2. Repeat part (a), assuming the exchange is determined not to have commercial substance.
3. List some of the factors that the accountant would need to consider in order to determine whether the transaction has commercial substance.
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