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Lilac Company exchanged a set of servers with a fair value of $320,000 for a high-speed computer with a fair value of $240,000 from Petunia

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Lilac Company exchanged a set of servers with a fair value of $320,000 for a high-speed computer with a fair value of $240,000 from Petunia Corporation. Historical cost Accumulated depreciation Fair value Servers 330,000 50,000 320,000 Computer 400,000 200,000 240,000 Required: Write the journal entry for Lilac to record the exchange. Account Debit Credit Computer Accumulated depreciation - server50,000 Servers 330,000

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