The following independent cases relate to non-monetary exchanges.

A)Land carried on the books of Luey Company at $580,000 is exchanged for equipment carried on the books of Daisy Corporation at $790,000 (cost, $1,040,000; accumulated depreciation, $250,000).The market value of the land is $800,000.Daisy also gives Luey $180,000 in cash.

Required:

Give the journal entry required by Daisy.

B)A truck, which cost Huey Company $140,000 ($44,000 accumulated depreciation), is traded to a dealer, for a new truck that has a market value of $129,600.Huey also makes a cash payment of $13,600.

Required:

Give the journal entry for Huey Company.