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1 Dolan Company exchanges equipment with Pawnee Company. The following information pertains to the exchanges: 2 3 Dolan Company Pawnee Company 4 Equipment (cost) $

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1 Dolan Company exchanges equipment with Pawnee Company. The following information pertains to the exchanges: 2 3 Dolan Company Pawnee Company 4 Equipment (cost) $ 228,000 $ 192,000 5 Accumulated depreciation $ 100,000 $ 90.000 6 Fair value of the equipment $ 150,000 $ 84,000 7 Cash paid $ 90,000 -0- 8 9 Instructions: Prepare the journal entries to record the exchanges on the books of Dolan Company and Pawnee Company. The transaction has commercial substance. 10 11

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