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help with entries please On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as Asset A,
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help with entries please
On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Crane's asset is referred to below as "Asset A," and Cheyenne' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B $ 138,240 $ 158,400 Original cost Accumulated depreciation (to date of exchange) 57,600 67,680 Fair value at date of exchange 86,400 108,000 Cash paid by Crane, Inc. 21,600 Cash received by Cheyenne, Inc. 21,600 (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Crane, Inc. and Cheyenne, Inc. in accordance with generally accepted accounting principles. (Round answers to decimal places, e.g. 5,275. 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 Ofor the amounts.) Debit Credit Account Titles and Explanation Crane, Inc.'s Books Cheyenne, Inc.'s BooksStep by Step Solution
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