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Exercise 10-19 (Part Level submission) Headland Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations

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Exercise 10-19 (Part Level submission) Headland Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Sage Company. The following information pertains to the exchange. Headland Co. Sage Co. $29,120 Equipment (cost) $29,120 10,400 Accumulated depreciation 19,760 Fair value of equipment 13,000 16,120 Cash given up 3,120

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