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Almaz Co. exchanged equipment used in its manufacturing operations plus Br.3,000 in cash for similar equipment used in the operations of Tony Co. The following

Almaz Co. exchanged equipment used in its manufacturing operations plus Br.3,000 in cash for similar equipment used in the operations of Tony Co. The following information pertains to the exchange. Almaz Co. Tony Co. Equipment (cost) Br.28,000 Br.28,000 Accumulated depreciation 19,000 10,000 Fair value of equipment 12,500 15,500 Cash given up 3,000

Required: Prepare the journal entries to record the exchange on the books of both companies

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