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Question - Pharoah Company exchanged equipment used in its manufacturing operations plus $3,660 in cash for similar equipment used in the operations of Novak Company. The following information pertains to the exchange.
Pharoah Co.
Novak Co.
Equipment (cost)
$34,160
Accumulated depreciation
23,180
12,200
Fair value of equipment
15,250
18,910
Cash given up
3,660
-
Required - Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.
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