HW Ch10 Review Score Review Results by Study objective Your answer is partially correct. Try again. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exch amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the ac Debit Credit Account Titles and Explanation Kingbird Company Equipment 22320 12960 4320 T 5040 Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accumulated Depreciation Machinery Accumulated Depreciation-Trucks Buildings Cesh Computers Common Stock Contribution Expense Contribution Revenue Cost of Goods Sold Depreciation Expense Direct Labor Discount on Notes Payable Equipment Factory Overhead Forklift Furniture Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Trucks Gain on Disposal of Plent Assets Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Land Improvements Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Trucks Machinery Maintenance and Repairs Expense Materiels Notes Payable Organization Expense Peid-in Capital in Excess of Par - Common Stock Prepaid Insurance Retained Earnings Selaries and Wages Expense Sales Revenue Trading Securities Trucks Oriole Company 18000 4930 25920 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS BACK Exercise 10-19 equipment used in its manufacturing operations plus $4,320 in cash for similar equipment used in the operations of Oriole Company. The following information pertains tot exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Kingbird Co. $40,320 27,360 18,000 4,320 Oriole Co. $40,320 14,400 22,320 Your answer is partially correct. Try again. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (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.) Account Titles and Explanation Debit Kingbird Company Credit Equipment 25920 Gain on Disposal of EQL Cash Gain on Disposal of E T Oriole Company Equipment Cash T Loss on Disposal of Equip Equipment door de docume.docx Sodi here to search