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On August 1, Bramble, Inc. exchanged productive assets with Sunland, Inc. Bramble's asset is referred to below as Asset A and Sunland' is referred to
On August 1, Bramble, Inc. exchanged productive assets with Sunland, Inc. Bramble's asset is referred to below as Asset A and Sunland' is referred to as Akset B. The following facts pertain to these assets. Asset A Asset B $ 119,040 $ 136,400 Original cost Accumulated depreciation (to date of exchange) 49.600 58,280 74.400 93,000 Fair value at date of exchange 18,600 Cash paid by Bramble, Inc: 18,600 Cash received by Sunland, Inc Assuming that the exchange of Assets A and Blacks commercial substance, record the exchange for both Bramble, Inc. and Sunland, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answer to decimal places eg. 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 for the amounts.) Debit Credit Account Titles and Explanation Bramble, Inc's Books Sunland, Inc's Books
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