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Journal Entry and Computation Non - monetary exchange ( 1 2 points ) . Make entries on the books of both companies. Brooks Co .

Journal Entry and Computation

Non

-

monetary exchange

(12

points

) .

Make entries on the books of both companies.

Brooks Co

.

paid James Co

.

420, 000

cash in trading the above equipment. The exchange

lacks commercial substance

Brooks Co

.'

s Books:

James Co

.'

s Books:

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