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Please complete by 8 ET The first half is complete and correct, hopefully this will help: Part to solve -- journal entries if the exchange
Please complete by 8 ET
The first half is complete and correct, hopefully this will help:
Part to solve -- journal entries if the exchange HAS commercial substance.
Similar problem: https://www.chegg.com/homework-help/questions-and-answers/vaughn-company-exchanged-equipment-used-manufacturing-operations-plus-4-080-cash-similar-e-q47692417
Bramble Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Sunland Company. The following information pertains to the exchange. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (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 0 for the amounts.) Sunland Company: Equipment 18,250 Accumulated Depreciation-Equipment 14,600 Cash 4,380 Loss on Disposal of Equipment 3,650 Equipment 40,880 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (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 0 for the amounts.) Sunland Company. Equipment Accumulated Depreciation-Equipment Cash Loss on Disposal of Equipment EquipmentStep by Step Solution
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