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Two independent companies. Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 to complete the exchange. The following information for
Two independent companies. Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 to complete the exchange. The following information for the two warehouses is available: Bristol Cost Denver S100.000 50,000 $64.000 25.000 Accumulated depreciation Fait value 45,000 4.000 Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange General Journal Assume the exchange has commercial substance and occurred on April 1. Prepare journal entries for Denver and Bristol to record the exchange General Journal Instructions PAGE PAGE 1 GENERAL JOURNAL DATE Aor 1 ACCOUNT TITLE Accumulated Depreciation POSTRES DERIT CREDIT Building Warehouse (new)
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