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Prepare the necessary journal entries to record the asset

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Reference no: EM133151356

Question - Swifty Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Nash Ltd. The following information pertains to the exchange:

 

Swifty Corp.

Nash Ltd.

Equipment (cost)

$84,200

$84,200

Accumulated depreciation

46,700

40,600

Fair value of old equipment

42,200

43,500

Cash given up

1,300

 

Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies.

Reference no: EM133151356

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