Problem 10 9 On August 1, Pronghorn, Inc exchanged productive assets with Stellar, Inc Pronghorns asset is referred to below as Asset A, and Stellar is referred to as Asset B The following facts pertain to these assets Asset A Asset B Original cost $142,080 $162,800 Accumulated depreciation (to date of exchange) 59,200 69,560 Fair value at date of exchange 88,800 111,000 Cash paid by Pronghorn, Inc 22,200 Cash received by Stellar, Inc 22,200 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Pronghorn, Inc and Stellar, Inc in accordance with generally accepted accounting principles (Round answers to 0 decimal places, e g 5,275 Credit account 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 ) Account Titles and Explanation Debit Credit Pronghorn, Inc s Books CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B) Accumulated Depreciation Machinery (A)Machinery (A)CashAccumulated Depreciation Machinery (B)Machinery (B)Gain on Disposal of Machinery Machinery (A)Machinery (B)CashGain on Disposal of MachineryAccumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B) CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B) Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashMachinery (A) Stellar, Inc s Books Machinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashGain on Disposal of Machinery Machinery (A)Accumulated Depreciation Machinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (B)Cash CashGain on Disposal of MachineryAccumulated Depreciation Machinery (B)Machinery (A)Machinery (B)Accumulated Depreciation Machinery (A) Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Machinery (B)CashGain on Disposal of MachineryMachinery (A) CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (B)Accumulated Depreciation Machinery (A) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Pronghorn, Inc and Stellar, Inc in accordance with generally accepted accounting principles (Round intermediate calculations to 5 decimal places, e g 1 25124 and final answer to 0 decimal places e g 58,971 Credit account 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 ) Account Titles and Explanation Debit Credit Pronghorn, Inc s Books Accumulated Depreciation Machinery (B)Machinery (A)CashGain on Disposal of MachineryMachinery (B)Accumulated Depreciation Machinery (A) Gain on Disposal of MachineryMachinery (A)Accumulated Depreciation Machinery (B)Accumulated Depreciation Machinery (A)Machinery (B)Cash Accumulated Depreciation Machinery (A)CashMachinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation Machinery (B) Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashMachinery (B)Gain on Disposal of Machinery Stellar, Inc s Books Machinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)Cash Machinery (B)Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashGain on Disposal of Machinery Accumulated Depreciation Machinery (B)CashAccumulated Depreciation Machinery (A)Gain on Disposal of MachineryMachinery (B)Machinery (A) Machinery (A)Accumulated Depreciation Machinery (A)Accumulated Depreciation Machinery (B)CashMachinery (B)Gain on Disposal of Machinery Machinery (A)Accumulated Depreciation Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation Machinery (B)CashMachinery (B) Question Attempts 0 of 10 used SAVE FOR LATER SUBMIT ANSWER

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Question: Problem 10-9 On August 1, Pronghorn, Inc. exchanged productive assets with Stellar, Inc. Pronghorns asset is referred to below as Asset A, and Stellar is

Problem 10-9

On August 1, Pronghorn, Inc. exchanged productive assets with Stellar, Inc. Pronghorns asset is referred to below as Asset A, and Stellar is referred to as Asset B. The following facts pertain to these assets.

	Asset A	Asset B
Original cost	$142,080	$162,800
Accumulated depreciation (to date of exchange)	59,200	69,560
Fair value at date of exchange	88,800	111,000
Cash paid by Pronghorn, Inc.	22,200
Cash received by Stellar, Inc.		22,200

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Pronghorn, Inc. and Stellar, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. Credit account 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.)

Account Titles and Explanation	Debit	Credit
Pronghorn, Inc.s Books
CashGain on Disposal of MachineryMachinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)
Accumulated Depreciation-Machinery (A)Machinery (A)CashAccumulated Depreciation-Machinery (B)Machinery (B)Gain on Disposal of Machinery
Machinery (A)Machinery (B)CashGain on Disposal of MachineryAccumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)
CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)
Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashMachinery (A)
Stellar, Inc.s Books
Machinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashGain on Disposal of Machinery
Machinery (A)Accumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (B)Cash
CashGain on Disposal of MachineryAccumulated Depreciation-Machinery (B)Machinery (A)Machinery (B)Accumulated Depreciation-Machinery (A)
Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Machinery (B)CashGain on Disposal of MachineryMachinery (A)
CashMachinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Pronghorn, Inc. and Stellar, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account 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.)

Account Titles and Explanation	Debit	Credit
Pronghorn, Inc.s Books
Accumulated Depreciation-Machinery (B)Machinery (A)CashGain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (A)
Gain on Disposal of MachineryMachinery (A)Accumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)Machinery (B)Cash
Accumulated Depreciation-Machinery (A)CashMachinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (B)
Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashMachinery (B)Gain on Disposal of Machinery
Stellar, Inc.s Books
Machinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Cash
Machinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashGain on Disposal of Machinery
Accumulated Depreciation-Machinery (B)CashAccumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (B)Machinery (A)
Machinery (A)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)CashMachinery (B)Gain on Disposal of Machinery
Machinery (A)Accumulated Depreciation-Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (B)CashMachinery (B)

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