Reference no: EM132668775
Problem 1: Qing Company traded equipment with a cost of $2,200,000 and a book value of $1,200,000 and gave $1,000,000 cash for a piece of equipment from BGI Company. The old machine had a fair value of $2,000,000. The two pieces of equipment have similar functions and are not expected to change the two firms' future cash flows. Which of the following journal entries would Qing make to record the exchange?
Option 1: a debit to Equipment for $ 2,200,000.
Option 2: a debit to Equipment for $ 2,000,000.
Option 3: a debit to Loss on Exchange for $ 800,000.
Option 4: a debit to Gain on Exchange for $ 800,000.
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