Jenny Smith owns 55% of the shares of Pronghorn Corporation and 70% of the shares of Stellar
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Jenny Smith owns 55% of the shares of Pronghorn Corporation and 70% of the shares of Stellar Ltd. Pronghorn sold a used delivery van to Stellar in exchange for used computer equipment. The van had a carrying value of $19,700 on Pronghorn’s books and a fair value of $22,700. The computer equipment had a carrying value of $17,300 on Stellar’s books, and a fair value of $17,300. Show the journal entries for both Pronghorn and for Stellar.
Related Book For
Managerial Economics A Problem Solving Approach
ISBN: 978-1133951483
3rd edition
Authors: Luke M. Froeb, Brian T. McCann, Mikhael Shor, Michael R. War
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