Pops corp has agreed to exchange an old computer system for

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Reference no: EM13613461

Pops Corp. has agreed to exchange an old computer system for a van from Incline,Inc. In addition, Incline will pay Pops$2,000. The computer originally cost Pops $25,000 and its current book value is $14,000. The van's original cost was $30,000 and its accumulated depreciation is $12,000. The appraised value of the computer is $15,000, and the appraised value of the van is $13,000.

Required: Prepare the journal entries to record the exchange on both companies' books.

Reference no: EM13613461

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