Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment...
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Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Sheridan Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Windsor Co. $32,480 22,040 14,500 3,480 Sheridan Co. $32,480 11,600 17,980 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries) Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Sheridan Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Windsor Co. $32,480 22,040 14,500 3,480 Sheridan Co. $32,480 11,600 17,980 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries)
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Journal entries to record the exchange on the books of both Windsor Company and Sherida... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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