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Prepare the journal entries to record the exchange on books

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Question - Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange.

 

Santana Co.

Delaware Co.

Equipment (cost)

$28,000

$17,000

Accumulated depreciation

19,000

10,000

Fair value of equipment

13,000

15,000

Cash given up

2,000

 

Required -

a) Prepare the journal entries to record the exchange on the book of Delaware Co. Assume that the exchange lacks commercial substance.

b) Prepare the journal entries to record the exchange on the book of Delaware Co. Assume that the exchange has commercial substance.

Reference no: EM132566733

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