On December 15, 2020, Tenorio Company and Jason Company exchanged equipment. The following data are available on the exchange.

	Tenorio		Jason
Equipment (cost)	500,000		300,000
Accumulated Depreciation	300,000		50,000
Fair value of Equipment	180,000		220,000
Cash paid by Tenorio to Jason	40,000		40,000

1. How much should Tenorio record the asset? [ Select ] ["180,000", "220,000", "140,000", "200,000"]
2. How much should Jason record the asset? [ Select ] ["220,000", "140,000", "250,000", "180,000"]

Answer rating: 100% (QA)

Solution 1 Date Account title Debit credit 15Dec2020 Equipment New 220... View the full answer