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Category > Accounting Posted 23 Apr 2017 My Price 10.00

Nonmonetary Exchange

 

(Nonmonetary Exchange) Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange.

Instructions

(a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.

(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.

 

Answers

Alpha Geek
(8)
Status NEW Posted 23 Apr 2017 02:04 PM My Price 10.00

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Attachments

file 1492956823-Answer.docx preview (141 words )
E-----------xch-----------ang-----------e l-----------ack-----------s c-----------omm-----------erc-----------ial----------- su-----------bst-----------anc-----------e. -----------Car-----------los----------- Ar-----------ruz-----------a C-----------omp-----------any-----------: E-----------qui-----------pme-----------nt.-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------. 1-----------2,0-----------00 -----------Acc-----------umu-----------lat-----------ed -----------Dep-----------rec-----------iat-----------ion-----------—-----------Equ-----------ipm-----------ent-----------...-----------. 1-----------9,0-----------00 -----------Equ-----------ipm-----------ent-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------.. -----------28,-----------000----------- Ca-----------sh.-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------...-----------.. -----------3,0-----------00 -----------Val-----------uat-----------ion----------- of----------- eq-----------uip-----------men-----------t B-----------ook----------- va-----------lue----------- of----------- eq-----------uip-----------men-----------t g-----------ive-----------n u-----------p $----------- 9,-----------000----------- Fa-----------ir -----------val-----------ue -----------of -----------boo-----------t g-----------ive-----------n u-----------p 3-----------,00-----------0 N-----------ew -----------equ-----------ipm-----------ent----------- $1-----------2,0-----------00
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