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Question - Saman Co exchanged a Machinery with Amar Inc. in exchange for a building. Saman also paid 50,000 to Amar for this exchange. Other details of the transaction are provided below:
Saman Co. equipment:
Amar Inc. Building:
Cost
$950,000
$750,000
Accumulated depreciation
150,000
180,000
Fair value
600,000
550,000
Required -
a) Prepare the journal entry in the books of both companies, assuming both are publicly traded.
b) Assuming now that Saman is a private company and that the fair value of building is the most reliable fair value, prepare the journal entry for Saman Co.
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