Astro Company exchanges similar equipment with Logan Company. Also Jay Company exchanges similar equipment with Moon Company.

Question:

Astro Company exchanges similar equipment with Logan Company. Also Jay Company exchanges similar equipment with Moon Company. The following information pertains to these two exchanges.

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Instructions Prepare the journal entries to record the exchange on the books of Astro Company and Jay Company.

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Financial Accounting Text Only

ISBN: 9780006575405

5th Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Jun 10, 2024 01:17 AM

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Astro Company exchanges similar equipment with Logan Company. Also Jay Company exchanges similar equipment with Moon Company.

Question:

Astro Co. Equipment (cost) $28,000 Jay Co. $22.000 Accumulated depreciation 21.000 5,000 Fair market value of equipment 12,000 15,000 Cash paid 3.000 -0- Cash received 3,000

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Financial Accounting Text Only

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