Problem 10 9 On August 1, Crane, Inc exchanged productive assets with Cheyenne, Inc Cranes asset is referred to below as Asset A, and Cheyenne is referred to as Asset B The following facts pertain to these assets Asset A Asset B Original cost $103,680 $118,800 Accumulated depreciation (to date of exchange) 43,200 50,760 Fair value at date of exchange 64,800 81,000 Cash paid by Crane, Inc 16,200 Cash received by Cheyenne, Inc 16,200 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Crane, Inc and Cheyenne, 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 Crane, Inc s Books CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B) Gain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Cash Accumulated Depreciation Machinery (B)Gain on Disposal of MachineryCashMachinery (B)Accumulated Depreciation Machinery (A)Machinery (A) Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (B)Accumulated Depreciation Machinery (A)CashMachinery (A) Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashGain on Disposal of MachineryMachinery (B) Cheyenne, Inc s Books Gain on Disposal of MachineryCashMachinery (B)Accumulated Depreciation Machinery (B)Machinery (A)Accumulated Depreciation Machinery (A) Machinery (B)Gain on Disposal of MachineryAccumulated Depreciation Machinery (A)CashAccumulated Depreciation Machinery (B)Machinery (A) Machinery (A)Accumulated Depreciation Machinery (A)CashGain on Disposal of MachineryAccumulated Depreciation Machinery (B)Machinery (B) Machinery (B)Accumulated Depreciation Machinery (B)Gain on Disposal of MachineryCashAccumulated Depreciation Machinery (A)Machinery (A) Machinery (B)Accumulated Depreciation Machinery (B)CashGain on Disposal of MachineryAccumulated Depreciation Machinery (A)Machinery (A) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Crane, Inc and Cheyenne, 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 Crane, Inc s Books Accumulated Depreciation Machinery (B)CashAccumulated Depreciation Machinery (A)Gain on Disposal of MachineryMachinery (B)Machinery (A) Accumulated Depreciation Machinery (B)Accumulated Depreciation Machinery (A)Gain on Disposal of MachineryMachinery (B)CashMachinery (A) CashAccumulated Depreciation Machinery (B)Gain on Disposal of MachineryAccumulated Depreciation Machinery (A)Machinery (B)Machinery (A) Machinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Cash Cheyenne, Inc s Books CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B) Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Gain on Disposal of MachineryCashMachinery (B) Machinery (A)Machinery (B)Accumulated Depreciation Machinery (A)CashAccumulated Depreciation Machinery (B)Gain on Disposal of Machinery Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Gain on Disposal of MachineryMachinery (B)CashMachinery (A) CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)

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Problem 10-9 On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Cranes asset is referred to below as Asset A, and Cheyenne is

Problem 10-9 On August 1, Crane, Inc. exchanged productive assets with Cheyenne, Inc. Cranes asset is referred to below as Asset A, and Cheyenne is referred to as Asset B. The following facts pertain to these assets.

Asset A	Asset B
Original cost	$103,680	$118,800
Accumulated depreciation (to date of exchange)	43,200	50,760
Fair value at date of exchange	64,800	81,000
Cash paid by Crane, Inc.	16,200
Cash received by Cheyenne, Inc.	16,200

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Crane, Inc. and Cheyenne, 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
Crane, Inc.s Books
CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)
Gain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Cash
Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryCashMachinery (B)Accumulated Depreciation-Machinery (A)Machinery (A)
Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)CashMachinery (A)
Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashGain on Disposal of MachineryMachinery (B)
Cheyenne, Inc.s Books
Gain on Disposal of MachineryCashMachinery (B)Accumulated Depreciation-Machinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)
Machinery (B)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)CashAccumulated Depreciation-Machinery (B)Machinery (A)
Machinery (A)Accumulated Depreciation-Machinery (A)CashGain on Disposal of MachineryAccumulated Depreciation-Machinery (B)Machinery (B)
Machinery (B)Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryCashAccumulated Depreciation-Machinery (A)Machinery (A)
Machinery (B)Accumulated Depreciation-Machinery (B)CashGain on Disposal of MachineryAccumulated Depreciation-Machinery (A)Machinery (A)

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Crane, Inc. and Cheyenne, 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
Crane, Inc.s Books
Accumulated Depreciation-Machinery (B)CashAccumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (B)Machinery (A)
Accumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (B)CashMachinery (A)
CashAccumulated Depreciation-Machinery (B)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)Machinery (B)Machinery (A)
Machinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Cash
Cheyenne, Inc.s Books
CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)
Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryCashMachinery (B)
Machinery (A)Machinery (B)Accumulated Depreciation-Machinery (A)CashAccumulated Depreciation-Machinery (B)Gain on Disposal of Machinery
Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryMachinery (B)CashMachinery (A)
CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)