question exercise 10 19 ivanhoe company exchanged equipment used in its manufacturin 4280065
Question
Exercise 10-19
Ivanhoe Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Shamrock Company. The following information pertains to the exchange.
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Ivanhoe Co. |
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Shamrock Co. |
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Equipment (cost) |
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$30,800 |
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$30,800 |
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Accumulated depreciation |
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20,900 |
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11,000 |
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Fair value of equipment |
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13,750 |
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17,050 |
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Cash given up |
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3,300 |
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Your answer ispartially correct. Try again. Prepare the loumal the books of both companias Assur change lacks command tically indented wh entry is required, select No Entry for the Account Titles and Explanation 30,500 ated Depredati 6000 2000 Disposal of Equipm 11000 Accumulated Depreciat Equipment L 30300 Prepare the journal entriestorecord the exchange on the books both companies Assume that the exchange has commercial substance. utomatically indented whe tered. Do not indent nually. entry is required, select “No Entry” for Account Titles and Explanation