Can someone please help? Swifty Company exchanged equipment...
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Swifty Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of N ash Company. The following information pertains to the exchange. (a) Your answer is correct. Prepare the journat entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Swifty Company: Eequipment Accumulated Depreciation - Equipment Equipment: Nash Company: Equipenent Acournulated Derpreciation - Equlpment Lesson Dispotal of Equiprrecut Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Nash Company
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