nonmonetary exchange

Project Description:

santana company exchanged equipment used in its manufacturing operations plus $2,360 in cash for similar equipment used in the operations of delaware company. the following information pertains to the exchange.

santana co. delaware co.
equipment (cost) $33,040 $33,040
accumulated depreciation 22,420 11,800
fair value of equipment 15,930 18,290
cash given up 2,360

(a) prepare the journal entries to record the exchange on the books of both companies. assume that the exchange lacks commercial substance. (list multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)


description/account debit credit
santana company





delaware company






(b) prepare the journal entries to record the exchange on the books of both companies. assume that the exchange has commercial substance. (list multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)


description/account debit credit
santana company






delaware company
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Price Type: Negotiable

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