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    nattogbahkollie's Avatar
    nattogbahkollie Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 11, 2010, 10:52 PM
    Equipment exchange
    Sumo company exchange an equipment with a apprasied value of $1755000, a recorded cost of $2700000 and accumulated depreciation of $1350000 with King company for king equipment. King equipment has an appraised value of $1695000, a recorded cost of $3240000 and accumulated of $1782000.King give sumo $60000 in the exchange. Assume depreciation has already been updated.
    1. prepare the entries on both companies books assuming that the exchange had commercial substance
    2.prepare the entries on bothcompanies books assuming that the exchange lacked commercial substance.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Aug 11, 2010, 11:36 PM

    Please do not tag onto other people's posts. (And the one you tagged onto was a year old.) I've moved yours to its own thread.

    Also please see the guidelines for posting homework:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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