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Culver SA exchanged equipment used in its manufacturing operations plus R$2,560 in cash for similar equipment used in the operations of Larkspur Co. The following
Culver SA exchanged equipment used in its manufacturing operations plus R$2,560 in cash for similar equipment used in the operations of Larkspur Co. The following information pertains to the exchange. (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Culver SA: Larkspur Company
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