Exchange lacks Commercial Substance: | ||
Metlock Company: | ||
Account Titles and Explanation | Debit | Credit |
Equipment (new) | $ 14,880 | |
Accumulated Depreciation - Equipment | $ 23,560 | |
Equipment | $ 34,720 | |
Cash | $ 3,720 | |
Bonita Company: | ||
Equipment (new) | $ 15,500 | |
Accumulated Depreciation - Equipment | $ 12,400 | |
Cash | $ 3,720 | |
Loss on disposal of equipment | $ 3,100 | |
Equipment | $ 34,720 | |
Exchange has Commercial Substance: | ||
Metlock Company: | ||
Account Titles and Explanation | Debit | Credit |
Equipment (new) | $ 19,220 | |
Accumulated Depreciation - Equipment | $ 23,560 | |
Equipment | $ 34,720 | |
Cash | $ 3,720 | |
Gain on disposal of equipment | $ 4,340 | |
Bonita Company: | ||
Equipment (new) | $ 15,500 | |
Accumulated Depreciation - Equipment | $ 12,400 | |
Cash | $ 3,720 | |
Loss on disposal of equipment | $ 3,100 | |
Equipment | $ 34,720 |
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Metlock Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment...
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