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Bramble Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Sunland Ltd. The following information pertains to the exchange:
Bramble Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Sunland Ltd. The following information pertains to the exchange: Bramble Corp. Sunland Ltd. Equipment (cost) $84,500 $84,500 Accumulated depreciation 46,600 40,300 Fair value of old equipment 42,500 42,600 Cash given up 100 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (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.) Bramble Corporation: Account Titles and Explanation Debit Credit Bramble Corporation: Account Titles and Explanation Debit Credit Cash Accumulated Depreciation-Equipment Sunland Ltd.: Account Titles and Explanation Debit Credit -/1
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