Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your answer is partially correct. Try again Hodge Co. exchanged Building 24 which has an appraised value of $4,944,000, a cost of $7,669,000, and accumulated
Your answer is partially correct. Try again Hodge Co. exchanged Building 24 which has an appraised value of $4,944,000, a cost of $7,669,000, and accumulated depreciation of $3,553,000 for Building M belonging to Fine Co. Building M has an appraised value of $4,490,000, a cost of $9,063,000, and accumulated depreciation of $4,793,000. The correct amount of cash was also paid. Assume depreciation has already been updated Prepare the entries on both companies' books assuming the exchange had no commercial substance. (Credit accounit titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 12,215.) Hodge Co.: Account Titles and Explanation Debit Credit uildings 3164066 ccumulated Depreciation-Building 55300 as 5400 uildings 766900 ain on Disposal of Building 6034 ine CO.: Account Titles and Explanation Debit Credit g7930 % ccumulated Depreciation-Building uildings 3816000 euildings 063000 Cash 5400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started