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On January 1, Bahrain Inc. exchnaged a machine with Gulf Inc. The following facts pertain to these assets. Required: Prepare the journal entry to record

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On January 1, Bahrain Inc. exchnaged a machine with Gulf Inc. The following facts pertain to these assets.

Required: Prepare the journal entry to record the exchange in the books of Gulf, assuming that the exchange has commercial substance.

Bahrain Inc. Gulf Inc. Original cost BD 160,000 BD 160,000 Accumulated depreciation (up to exchange date) 60,000 75,000 Fair value 92,000 95,000 Cash paid 3,000

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