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Prepare the entry to record the exchange of assets by Denton

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Reference no: EM132471714

Problem - Presented below are two independent situations:

(a) Riley Company exchanged an old machine (cost $75,000 less $45,000 accumulated depreciation) plus $5,000 cash for a new similar type machine. The old machine had a fair market value of $27,000. Prepare the entry to record the exchange of similar assets by Riley Company.

(b) Denton Company trades old equipment (cost $60,000 less $36,000 accumulated depreciation) for new equipment. Denton paid $24,000 cash in the trade. The old equipment that was traded had a fair market value of $36,000.

Required - Prepare the entry to record the exchange of assets by Denton Company.

Reference no: EM132471714

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