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Gamma Ltd. agrees to exchange equipment, which is similar, with Beta Ltd. Gammas equipment cost $14,000, had accumulated depreciation of $8,000, and a market value
Gamma Ltd. agrees to exchange equipment, which is similar, with Beta Ltd. Gammas equipment cost $14,000, had accumulated depreciation of $8,000, and a market value of $9,000. Required: Prepare Gammas journal entries for each of the following independent situations a) Assume the transaction does not have commercial substance. b) Assume the transaction has commercial substance and Gamma paid $2,000 cash.
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