Riverbed Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Marin Ltd. The following information pertains to the exchange: Riverbed Corp. Marin Ltd. Equipment (cost) $84,200 $84,200 Accumulated depreciation 46,700 40,600 Fair value of old equipment 42,200 43,500 Cash given up 1,300 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the amount is entered. Do indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Riverbed Cornoration:

Riverbed Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Marin Ltd. The following information pertains to the exchange: Riverbed Corp. Marin Ltd. Equipment (cost) $84,200 $84,200 Accumulated depreciation 46,700 40,600 Fair value of old equipment 42,200 43,500 Cash given up 1,300 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the amount is entered. Do indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Riverbed Cornoration:

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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