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Santana company exchanged equipment used in its

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Reference no: EM13376157

Santana Company exchanged equipment used in its manufacturing operations plus $3,990 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange.

Santana Co.

Delaware Co.

Equipment (cost)

$55,860

$55,860

Accumulated depreciation

37,905

19,950

Fair value of equipment

26,933

30,923

Cash given up

3,990


(a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)

Santana Company:

(b)

Delaware Company:


(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)

Santana Company

(b)

Delaware Company

Reference no: EM13376157

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