Flint Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Buffalo Company. The following information pertains to the exchange. Flint Co. Buffalo Co. Equipment (cost) $31,360 $31,360 Accumulated depreciation 21,280 11,200 Fair value of equipment 14,000 17,360 Cash given up 3,360 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 0 for the amounts.) Account Titles and Explanation Debit Credit Flint Company: Buffalo Company: SHOW LIST OF ACCOUNTS LINK TO TEXT 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 0 for the amounts.) Account Titles and Explanation Debit Credit Flint Company Buffalo Company Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT

Flint Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Buffalo Company. The following information pertains to the exchange. Flint Co. Buffalo Co. Equipment (cost) $31,360 $31,360 Accumulated depreciation 21,280 11,200 Fair value of equipment 14,000 17,360 Cash given up 3,360 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 0 for the amounts.) Account Titles and Explanation Debit Credit Flint Company: Buffalo Company: SHOW LIST OF ACCOUNTS LINK TO TEXT 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 0 for the amounts.) Account Titles and Explanation Debit Credit Flint Company Buffalo Company Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT

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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	Flint Co.	Buffalo Co.
Equipment (cost)	$31,360		$31,360
Accumulated depreciation	21,280		11,200
Fair value of equipment	14,000		17,360
Cash given up	3,360

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Flint Company:




Buffalo Company:

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Flint Company





Buffalo Company

Click if you would like to Show Work for this question:

Open Show Work

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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