Question: Question three: SA Co. owned represented in statement of financial positions in 31/12/2016 equipment at cost $1.820,000 and accumulated depreciation of $1.500.000 (useful life 12

Question three: SA Co. owned represented in statement of financial positions

Question three: SA Co. owned represented in statement of financial positions in 31/12/2016 equipment at cost $1.820,000 and accumulated depreciation of $1.500.000 (useful life 12 years and 20,000 residual value). On 31 October 2017 the equipment has a fair value of $(235.000) it is exchanged for a similar equipment with a fair value of $ 280,000 ( TU years useful life) and the proper amount of cash is paid. The exchange lacked commercial substance. Required: Journalize all entries on 31/10/2017 and 31 December 2017? ST

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