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Question - Dunc Surf Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Xander Limited. Dunc Surf also paid Xander $3,100 in cash. The following information pertains to the exchange.
Dunc Surf
Xander
Equipment (cost)
$57,000
$61,500
Accumulated depreciation
$31,250
$20,000
Fair value of equipment
$27,500
$30,600
Required -
1. Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance.
2. Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not to have commercial substance.
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