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Vaughn Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Bramble Company. The following

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Vaughn Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Bramble Company. The following information pertains to the exchange. Vaughn Co. Bramble Co. Equipment (cost) $30,240 $30,240 20,520 Accumulated depreciation 10,800 16,740 Fair value of equipment 13,500 3,240 Cash given up

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