Assume that the following cases are independent and rely on the following data. Make journal...
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Accounting
Assume that the following cases are independent and rely on the following data. Make journal entries on the books of both companies. Show all your computations. Equipment (cost) Accumulated depreciation Fair market value of equipment Cash received (paid) Marla Co. and Joe Co. traded the above equipment. Assume commercial substance Marla Co.'s Books: Joe Co.'s Books: Marla Co. and Joe Co. traded the above equipment. Assume no commercial substance. Marla Co.'s Books: Joe Co 's Books: What would be the cost basis of the equipment acquired by Joe Company on their Balance Sheet under no commercial substance in (b) above
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