Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Swifty Company Debit Credit Nash Company eTextbook and Media Swifty Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of Nash Company. The following information pertains to the exchange. Swifty Co. Nash Co. Equipment (cost) $29,680 $29,680 Accumulated depreciation. 20.140 10,600 Fair value of equipment 13,250 16,430 Cash given up 3,180

Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Swifty Company Debit Credit Nash Company eTextbook and Media Swifty Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of Nash Company. The following information pertains to the exchange. Swifty Co. Nash Co. Equipment (cost) $29,680 $29,680 Accumulated depreciation. 20.140 10,600 Fair value of equipment 13,250 16,430 Cash given up 3,180

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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