* Question 9 Presented below are two independent transactions. Both transactions have commercial substance. 1. Ayayai Co. exchanged old trucks (cost $60,000 less $18,000 accumulated depreciation) plus cash of $15,000 for new trucks. The old trucks had a fair value of $39,000. 2. Whispering Winds Inc. trades its used machine (cost $10,500 less $3,500 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $9,500), Whispering Winds also paid cash of $2,500. * Question 9 Your answer is partially correct. Try again. Prepare the entry to record the exchange of assets by Ayayal Co. (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 o for the amounts.) Debit Credit Account Titles and Explanation Equipment 154000 [Accumulated Depreciation Equipment 118000 3500 [Loss on Disposal of Plant Assets Equipment 160000 U 15000 Cash Attempts: 2 of 2 used * Question 9 Prepare the entry to record the exchange of assets by Whispering Winds Inc. (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 o for the amounts.) Debit Credit Account Titles and Explanation