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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
Accumulated depreciation
20,140
10,600
Fair value of equipment
13,250
16,430
Cash given up
3,180
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.
1.Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4.
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