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Larkspur Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Cullumber Ltd. The following information pertains to the exchange:
Larkspur Corp. Cullumber Ltd.
Equipment (cost) $84,100 $84,100
Accumulated depreciation 46,600 40,200
Fair value of old equipment 42,100 42,900
Cash given up 800
Both companies agreed that the exchange did not have commercial substance.
Question 1: Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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