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Question - Alex Co exchanged a Machinery with Fred Inc. in exchange for a building. Alex also paid 60,000 to Fred for this exchange. Other details of the transaction are provided below:
Alex Co. equipment: Fred Inc. Building: Cost $850,000
Cost $620,000
Accumulated depreciation 120,000
Accumulated depreciation 190,000
Fair value 560,000
Fair value 520,000
Required -
a) Prepare the journal entry in the books of both companies, assuming both are publicly traded.
b) Assuming now that Alex is a private company and that the fair value of building is the most reliable fair value, prepare the journal entry for Alex Co.
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