Required: Prepare the journal entry to record the transaction for Company A and B
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following assets are exchanged between Company A and Company B:
| Company A | Company B | |
| Asset original cost | $53,400 | $65,100 |
| 32,630 | 39,600 | |
| Net book value | 20,770 | 25,500 |
| Fair value of asset | 24,200 | 28,600 |
In addition, Company A paid Company B $4,400 cash.
Required:
Prepare the
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