On September 12, Grouper Company agreed to an exchange of assets with another company. Grouper gave up a machine with an original cost of $51,000. $30,100 in accumulated depreciation had been recorded on this machine over the course of Groupers ownership. Grouper determined that the machine being given up had a fair value of $18,200. Grouper also paid $7,500 in cash. Assume that Grouper follows IFRS and that the transaction has commercial substance.

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On September 12, Grouper Company agreed to an exchange of assets with another company. Grouper gave up a machine with an original cost of $51,000. $30,100 in accumulated depreciation had been recorded on this machine over the course of Grouper's ownership. Grouper determined that the machine being given up had a fair value of $18,200. Grouper also paid $7,500 in cash. Assume that Grouper follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Grouper's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 12 V V