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On November 1 , 2 0 2 0 , Stiller Co . exchanges two small pieces of equipment ( A and B ) for a
On November Stiller Co exchanges two small pieces of equipment A and B for a larger one C from JenCo. JenCo produces equipment and classifies all equipment as inventory. JenCo has agreed to take the equipment A and B and pay Stiller Co $ cash in exchange for the equipment C Equipment C cost $ to manufacture. Following is information regarding the exchange. a Record the journal entry for the exchange on the books of both Stiller Co and JenCo. Assume the exchange has commercial substance. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm ie January would be Janb Record the journal entry for the exchange on the books of both Stiller Co and JenCo. Assume the exchange does not have commercial substance.
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