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Capri Inc, exchanged its binding machinery with an appraised value of $1,170,000, a recorded cost of $1,300,000 and accumulated depreciation of $900,000, for a printing
Capri Inc, exchanged its binding machinery with an appraised value of $1,170,000, a recorded cost of $1,300,000 and accumulated depreciation of $900,000, for a printing machinery that Napoli Corp. owns. Napoli's printing machinery has an appraised value of $1,140,000, a recorded cost of $2,160,000, and accumulated depreciation of $1,188,000. Napoli also gave Capri $30,000 cash in the exchange. Both companies experienced significant changes in their future cash flows as a result of the exchange. Assume depreciation has been updated to the date of exchange Requirements: a) Prepare the journal entries to record the exchange for Capri Inc. Show all calculations for full marks Dr Cr Capri's Books
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