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cion t $29,120 19,760 13,000 $29.120 10,400 16,120

cion t $29,120 19,760 13,000 $29.120 10,400 16,120

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Nash Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Crane Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Equipment Account Titles and Explanation Nash Company Equipment Gain on Disposal of Equipment Cash 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. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Accumulated Depreciation Equipment Crane Company Nash Co. Equipment $29,120 19,760 Cash 13,000 Equipment 3,120 Accumulated Depreciation-Equipment Gain on Disposal of Equipment. Crane Co. $29.120: 10,400 16,120 Debit Credit
Transcribed Image Text:Current Attempt in Progress Nash Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Crane Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Equipment Account Titles and Explanation Nash Company Equipment Gain on Disposal of Equipment Cash 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. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Accumulated Depreciation Equipment Crane Company Nash Co. Equipment $29,120 19,760 Cash 13,000 Equipment 3,120 Accumulated Depreciation-Equipment Gain on Disposal of Equipment. Crane Co. $29.120: 10,400 16,120 Debit Credit
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