Question
Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information pertains to the building each company owned immediately before the
Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information pertains to the building each company owned immediately before the exchange:
|
| Glendenning Co. | XYZ Co. |
| Building cost | $839,470 | $742,190 |
| Accumulated depreciation | 396,115 | 235,680 |
| Fair value | 512,750 | 455,322 |
In addition, Glendenning received $57,428 cash from XYZ.
REQUIRED: Give the entry Glendenning Co. must make to account for this exchange. Assume the exchange lacks commercial substance.
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Accounting And Finance For Non Finance Managers
Authors: Jai Kumar Batra
1st Edition
9352806964, 978-9352806966
