Flint Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for similar...
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Flint Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for similar equipment used in the operations of Buffalo Company. The following information pertains to the exchange. Flint Co. Buffalo Co. Equipment (cost) Accumulated depreciation $33,600 22,800 $33,600 12,000 18,600 Fair value of equipment 15,000 Cash given up 3,600 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 no indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Flint Company: Buffalo Company: 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 Ofor the amounts.) Account Titles and Explanation Debit Credit Flint Company Buffalo Company
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