Solution Please

NEXT revalued the building every two years. used straight-line depreciation. had a fair value of $12,375,400. on December 31, 2016, the bulding had a fair value of $13,602,666. On December 31, 2018, the building ing on when the amount is entered. Do not indent to o Debit BACK NEX Carla Vista Limited e of Flint Limited. Carla Vista also paid Flint $2,700 in cash. The following information pertains to the exchange Carla Vista Flint 31,000 21,500 26,000 28,700 ed d n the amount is entered. Do not indent manually MESSAGE MY INSTRUCTORSTANDAR Your answer is partially correct. Try again. to record the exchange on the books of both companies, assuming have commercial substance. (Credit account titles are automatically indented when the indent manually. If no entry is required, select "No Entry" for the account titles and e Carla Vista Limited Account Titles and Explanation Debit Credit Equipment 28700 Accumulated Depreciation Equipment 31000 Equipment Cash Gain on Disposal of Equipment 55000 2700 udy Flint Limited Account Titles and Explanation Debit Credit 28700 ulated Depreciation- Equipment 21500 Cash 2700 Loss on Disposal of Equipment o O (b) Prepare the journal entries to record the exchange on the books of both companies assuming the exchange is determined not to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Carla Vista Limited ation Debit rt 17 Debit t Titles and Explanation