Cheyenne Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Ayayai Company. The following information pertains to the exchange. Cheyenne Ayayai Co. Co. Equipment (cost) $42,000 $42,000 Accumulated depreciation 28,500 15,000 Fair value of equipment 18,750 23,250 Cash given up 4,500 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Cheyenne Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Ayayai Company. The following information pertains to the exchange. Cheyenne Ayayai Co. Co. Equipment (cost) $42,000 $42,000 Accumulated depreciation 28,500 15,000 Fair value of equipment 18,750 23,250 Cash given up 4,500 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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