Exercise 10-19 (Part Level Submission) Sunland Company exchanged equipment used in its manufacturing operations plus...
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Exercise 10-19 (Part Level Submission) Sunland Company exchanged equipment used in its manufacturing operations plus $3,900 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Sunland Co $36,400 24,700 16,250 3,900 Coronado Co $36,400 13,000 20,150 Prepare the journal 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 O for the amounts.) Account Titles and Explanation Sunland Company: Debit Credit Coronado Company
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