Skysong Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Concord Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up (a) Skysong Co. $31,360 21,280 14,000 3,360 Concord Co. $31,360 11,200 17,360 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. List all debit entries before credit entries.)

Skysong Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Concord Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up (a) Skysong Co. $31,360 21,280 14,000 3,360 Concord Co. $31,360 11,200 17,360 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. List all debit entries before credit entries.)

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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