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Question - Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for similar equipment used in the operations of LoBianco Company. The following information pertains to the exchange.
Arruza Corporation
LoBianco Corporation
Equipment (Cost)
28,000
Accumulated Depreciation
19,000
10,000
Fair Value of the Equipment
12,500
15,500
Cash Given Up
3,000
Required -
a. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.
b. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.
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