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commercial substance Journal Entries for exchange

Author:
July 19th, 2019

Santana Company exchanged equipment used in its manufacturing operations plus $5,456 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange.

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Santana Co.

Delaware Co. Equipment (cost) $76,384 $76,384 Accumulated depreciation 51,832 27,280 Fair value of equipment 36,828 42,284 Cash given up 5,456

(a) 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.)

No.

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Account Titles and Explanation

Debit

Credit (a)

Santana Company:

(b)

Delaware Company:

(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit (a)

Santana Company

(b)

Delaware Company

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