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Problem 10-9 On August 1, Sheffield. Inc. exchanged productive assets with Tamarisk, Ine Shemeld's set is referred to below as Asset A, and Tamarisk is
Problem 10-9 On August 1, Sheffield. Inc. exchanged productive assets with Tamarisk, Ine Shemeld's set is referred to below as "Asset A," and Tamarisk is referred to as "Asset 8.-The following facts pertain Original cost Accumulated depreciation (to date of exchange) 56,800 Fair value at date of exchange 136,320 $156,200 66,740 85,200106,500 Cash paid by Shetfield, Inc. Cash received by Tamarisk, Inc. 21,300 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Sheffield, Inc. and Tamarisk, Inc. in accordance with generaly 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 Titdes and Explanation Debit Credit looks Assuming that the exchange of Assets A and 8 lacks commercial substance, record the exchange for (Round intermediate calculations to 5 decimal places, e 1.25124 and final answer to decima places e.g 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manualy. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Account Titles and Explanation DebitCredit Question Attempts: 0 of 3 used
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