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Blossom Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Ayayai Limited. Blossom also
Blossom Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Ayayai Limited. Blossom also paid Ayayai $2,800 in cash. The following information pertains to the exchange. Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commarcial substance (Credit account titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Blassom Limitied Account Titles and Explanation Debit Credit Prepars the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not to have commarcial substance, (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Prepars the journal entries to record the evchange on the books of both companies, assuming the evchange is determined not to have commarcial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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