Problem 10 09 (Part Level Submission) On August 1, Riverbed, Inc exchanged productive assets with Marin, Inc Riverbeds asset is referred to below as Asset A, and Marin is referred to as Asset B The following facts pertain to these assets Asset A Asset B Original cost $120,960 $138,600 Accumulated depreciation (to date of exchange) 50,400 59,220 Fair value at date of exchange 75,600 94,500 Cash paid by Riverbed, Inc 18,900 Cash received by Marin, Inc 18,900 (a) Your answer is partially correct Try again Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Riverbed, Inc and Marin, Inc in accordance with generally accepted accounting principles (Round answers to 0 decimal places, e g 5,275 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 ) Account Titles and Explanation Debit Credit Riverbed, Inc s Books Marin, Inc s Books Click if you would like to Show Work for this question Open Show Work Show List of Accounts Show Solution Link to Text Attempts 15 of 15 used (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Riverbed, Inc and Marin, Inc in accordance with generally accepted accounting principles (Round intermediate calculations to 5 decimal places, e g 1 25124 and final answer to 0 decimal places e g 58,971 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 ) Account Titles and Explanation Debit Credit Riverbed, Inc s Books Marin, Inc s Books Click if you would like to Show Work for this question Open Show Work

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Problem 10-09 (Part Level Submission) On August 1, Riverbed, Inc. exchanged productive assets with Marin, Inc. Riverbeds asset is referred to below as Asset A,

Problem 10-09 (Part Level Submission)

On August 1, Riverbed, Inc. exchanged productive assets with Marin, Inc. Riverbeds asset is referred to below as Asset A, and Marin is referred to as Asset B. The following facts pertain to these assets.

	Asset A	Asset B
Original cost	$120,960	$138,600
Accumulated depreciation (to date of exchange)	50,400	59,220
Fair value at date of exchange	75,600	94,500
Cash paid by Riverbed, Inc.	18,900
Cash received by Marin, Inc.		18,900

(a)


	Your answer is partially correct. Try again.

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Riverbed, Inc. and Marin, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. 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.)

Account Titles and Explanation	Debit	Credit
Riverbed, Inc.s Books





Marin, Inc.s Books

Click if you would like to Show Work for this question:

Open Show Work

Show List of Accounts

Show Solution

Link to Text

Attempts: 15 of 15 used

(b)

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Riverbed, Inc. and Marin, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. 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.)