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help needed , thank you in advance On August 1, Teal, Inc exchanged productive assets with Flint, Inc. Teal's asset is referred to below as
help needed , thank you in advance
On August 1, Teal, Inc exchanged productive assets with Flint, Inc. Teal's asset is referred to below as "Asset A." and Flint' is referred to as "Asset B:" The following facts pertain to these assets. Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Teal, Inc. and Flint, Inc in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 declmal ploces, e.s. 1.25124 and final answer to 0 decimal places es. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Step by Step Solution
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