Alpha Inc. exchanged machinery with an appraised value of $ 1,170,000, a recorded cost of

$1,800,000 and accumulated depreciation of $ 800,000, for machinery that Beta Corp. owns. Betas machinery has an appraised value of $ 1,140,000, a recorded cost of $2,160,000, and accumulated depreciation of $1,188,000. Beta also gave Alpha $30,000 in the exchange. Assume depreciation has been updated to the date of exchange.

Instructions

Prepare the entry on Alphas books assuming that the transaction has commercial substance.

	Debit	Credit