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Clark Co. and Keys Inc. exchange equipment. Information related to this exchange follows. ...

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Accounting

Clark Co. and Keys Inc. exchange equipment. Information related to this exchange follows.

Clark Co. Keys Inc.
Equipment given up:
Equipment (original cost) $72,000 $84,000
Accumulated depreciation 24,000 28,800
Fair value 43,200 57,600
Cash exchanged (14,400) 14,400

Required a. Record the exchange for Clark Co. assuming the transaction has commercial substance. b. Record the exchange for Keys Inc. assuming the transaction has commercial substance. c. Record the exchange for Clark Co. assuming the transaction lacks commercial substance. d. Record the exchange for Keys Inc. assuming the transaction lacks commercial substance.

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