Question: please solve Q4 in 25 mins i will thumb up Problem 4 (5 marks, 10 mins) Archibald Corporation, a public corporation exchanged an asset with

 please solve Q4 in 25 mins i will thumb up Problem

please solve Q4 in 25 mins i will thumb up

Problem 4 (5 marks, 10 mins) Archibald Corporation, a public corporation exchanged an asset with Bass Industries. Archibald Bass Original cost of the asset $ 320,000 $ 430,000 6 Accumulated depreciation $ 256,000 $ 344,000 7 Fair value of the asset $ 80,000 $ 120,000 3 9 Required- 10 a) Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have commercial substance. Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have no commercial substance. 11 b)

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