Exercise 10-19 Concord Company exchanged equipment used in its manufactung opera

Question

Exercise 10-19 Concord Company exchanged equipment used in its manufactung operations plus $4,500 in cash for similar equipment used in the operations of Marigold Company. The following information pertains to the exchange. ,' Concord Co. $42,000 28,500 18,750 4,500 Co. $42,000 15,000 23,250 Marigold Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (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 oncord company Debit Credit

Explanation / Answer

Concord Company

Marigold Company

New Equipment 23250 Accumulated depritiation 28500 Cash 4500 Old Equipment 42000 Gain on sale of Old equipment 5250

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.