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Assume that the following cases are independent and rely on the following data. Make entries on the books of both companies. Jensen Co. Merton Co.
Assume that the following cases are independent and rely on the following data. Make entries on the books of both companies. Jensen Co. Merton Co. Equipment (cost) $450,000 $825,000 Accumulated depreciation 145,000 450,000 Fair market value of equipment 350,000 350,000 1. Jensen Co. and Merton Co. traded the above equipment. The exchange has commercial substance. Jensen Co.'s Books: Merton Co.'s Books: 2. Jensen Co. and Merton Co. traded the above equipment. The exchange lacks commercial substance. Jensen Co.'s Books: Merton Co.'s Books: Assume that the following cases are independent and rely on the following data. Make entries on the books of both companies. Jensen Co. Merton Co. Equipment (cost) $450,000 $825,000 Accumulated depreciation 145,000 525,000 Fair market value of equipment 280,000 350,000 Cash received (paid) (70,000) 70,000 3. Jensen Co. and Merton Co. traded the above equipment. The exchange has commercial substance. Jensen Co.'s Books: Merton Co.'s Books: 4. Jensen Co. and Merton Co. traded the above equipment. The exchange lacks commercial substance. Jensen Co.'s Books: Merton Co.'s Books
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Telecourse Guide For Accounting In Action Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen
9th Edition
0072386533, 978-0072386530
