Do not give image format Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Marigold, Inc. andSwifty, Inc. in accordance with generally accepted accounting principles. (Do not round intermediate calculations. Round final answerto 0 decimal places eg. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required; select "No Entry" for the account titles and enter O for the amounts)Account Titles and ExplanationMarigold. Inc's BooksSwifty, Inc.'s BooksDebit1000Credit On August 1, Marigold, Inc. exchanged productive assets with Swifty, Inc. Marigold's asset is referred to below as "Asset A and Swiftyis referred to as "Asset B. The following facts pertain to these assets.Original costAccumulated depreciation (to date of exchange)Fair value at date of exchangeCash paid by Marigold, Inc.Cash received by Swifty, Inc.(a)Asset A$103,68043,20064,80016,200Asset B$118,80050,76081,00016,200

Journal Entries Record Business Transactions In The Books Of Accounts.These Are Recorded…

On August 1, Marigold, Inc. exchanged productive assets with Swifty, Inc. Marigold's asset is referred to below as "Asset A and Swifty is referred to as "Asset B. The following facts pertain to these assets. Original cost Asset A $103,680 Asset B $118,800

On August 1, Marigold, Inc. exchanged productive assets with Swifty, Inc. Marigold's asset is referred to below as "Asset A and Swifty is referred to as "Asset B. The following facts pertain to these assets. Original cost Asset A $103,680 Asset B $118,800

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 6MC: Ashton Company exchanged a nonmonetary asset with a cost of 30,000 and accumulated depreciation of...

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On August 1, Tamarisk, Inc. exchanged productive assets with Vaughn, Inc. Tamarisk's asset is referred to below as "Asset A," and Vaughn' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B Original cost $126,720 $145,200 Accumulated depreciation (to date of exchange) 52,800 62,040 Fair value at date of exchange 79,200 99,000 Cash paid by Tamarisk, Inc. 19,800 Cash received by Vaughn, Inc. 19,800 (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Tamarisk, Inc. and Vaughn, Inc. in accordance with generally accepted accounting principles. (Round answers to O decimal places, e.g. 5,275. 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.) Account Titles and Explanation Tamarisk, Inc's Books Debit Credit Vaughn,…
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On August 1, Vaughn, Inc. exchanged productive assets with Bramble, Inc. Vaughn's asset is referred to below as "Asset A," and Bramble' 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 Vaughn, Inc. Cash received by Bramble, Inc. (a) Asset A Account Titles and Explanation Vaughn, Inc.'s Books $144,000 60,000 90,000 22,500 Asset B $165,000 70,500 112,500 22,500 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Vaughn, Inc. and Bramble, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. 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.) Debit Credit
DONT GIVE ANSWER IN IMAGEFORMAT
On August 1, Hani, Co. exchanged machinery with Wahran Co. Hani's asset is referred to below as Asset A, and Wahran's is referred to as Asset B. The following facts pertain to these assets. Asset A (Hani) E96,000 Asset B (Wahran) £110,000 47,000 75,000 Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Hani Co. Cash received by Wahran Co. Required: (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for 40,000 60,000 15,000 15,000 both Hani Co. and Wahran Co. (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for Both Hyde, Inc. and Wiggins, Inc.
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Vd Subject: accounting