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On January 1, 2019, Hodge Co. exchanged Building 24 which has a fair value of $6.400.000, a cost of $10,120,000, and accumulated depreciation of S4,800,000

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On January 1, 2019, Hodge Co. exchanged Building 24 which has a fair value of $6.400.000, a cost of $10,120,000, and accumulated depreciation of S4,800,000 for Building M belonging to Fine Co. Building M has a fair value of $6,016,000, a cost of $12,040,000, and accumulated depreciation of S6,336,000. In addition, S384,000 of cash was also paid by Fine Co. Prepare the entries on both companies books assuming the exchange had commercial substance, on January 1, 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I Y S Paragraph Arial ... 14px !!! v E A IK % od

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