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Prepare the entries on both companies books

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Question - Edmond Company exchanged machinery with an appraised value of Br.1,755,000, a recorded cost of Br.2,700,000 and Accumulated Depreciation of Br.1,350,000 with Rosen Corporation for machinery Rosen owns. The machinery has an appraised value of Br.1,695,000, a recorded cost of Br.3,240,000, and Accumulated Depreciation of Br.1,782,000. Rosen also gave Edmond Br.60,000 in the exchange. Assume depreciation has already been updated.

Required -

A. Prepare the entries on both companies' books assuming that the exchange had commercial substance.

B. Prepare the entries on both companies' books assuming that the exchange lacked commercial substance.

Reference no: EM132556877

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