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Problem 25-7 (ACP) Smile Company exchanged used equipment for another equipment of Frown Company. The following information pertains to the exchange: Smile Frown Equipment Accumulated

Problem 25-7 (ACP) Smile Company exchanged used equipment for another equipment of Frown Company. The following information pertains to the exchange: Smile Frown Equipment Accumulated depreciation Fair value of equipment 2,400,000 2,000,000 500,000 2,200,000 1,750,000 500,000 Required: Prepare journal entry on the books of Smile and Frown

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