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Prepare the journal entries to record the exchange on books

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Reference no: EM133077716

Question - Whispering Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of Metlock Company. The following information pertains to the exchange.

 

Whispering Co.

Metlock Co.

Equipment (cost)

$29,680

$29,680

Accumulated depreciation

20,140

10,600

Fair value of equipment

13,250

16,430

Cash given up

3,180

 

Required - Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.

Reference no: EM133077716

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