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On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as "Asset A," and Cheyenne' is referred to as "Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Crane, Inc. Cash received by Cheyenne, Inc. Asset A $97,920 40,800 61,200 15,300 Asset B $112,200 47,940 76,500 15,300

On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as "Asset A," and Cheyenne' is referred to as "Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Crane, Inc. Cash received by Cheyenne, Inc. Asset A $97,920 40,800 61,200 15,300 Asset B $112,200 47,940 76,500 15,300

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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On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as "Asset A," and Cheyenne' is referred to as "Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Crane, Inc. Cash received by Cheyenne, Inc. Asset A $97,920 40,800 61,200 15,300 Asset B $112,200 47,940 76,500 15,300
Transcribed Image Text:On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as "Asset A," and Cheyenne' is referred to as "Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Crane, Inc. Cash received by Cheyenne, Inc. Asset A $97,920 40,800 61,200 15,300 Asset B $112,200 47,940 76,500 15,300
and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Crane, Inc.'s Books Cheyenne, Inc.'s Books Debit I Credit 100 1111
Transcribed Image Text:and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Crane, Inc.'s Books Cheyenne, Inc.'s Books Debit I Credit 100 1111
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