Question: answer fast plzz one in any way until all sections Violation of the honor code On January 1, 2014, Uncomfortable Chair Airline (UCA) and No
one in any way until all sections Violation of the honor code On January 1, 2014, Uncomfortable Chair Airline (UCA) and No Legroom Airline (NL) decided to exchange their aircraft. UCA provides charters for short people and wants planes owned by NLA that have no legroom. NLA has terrible customer service and doesn't care if its passengers are uncomfortable and so they are interested in the planes owned by UCA. Information about the aircraft to be exchanged is as follows: 8 pts Original Cost Accumulated Depreciation Fair Value UCA Airplanes $16,000,000 6,000,000 15,000,000 NLA Airplanes $14,000,000 7,000,000 13,000,000 Because the planes owned by UCA are worth more than the planes at NLA, NLA has agreed to pay UCA $2,000,000 cash in order to make the value exchanged equal for both parties. REQUIRED: IF UCA does not consider the transaction to have commercial substance what journal entry would UCA prepare to record the exchange? Edit Format Table 12ptParagraph BI BAV AL TV SONY
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