Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information...
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Accounting
Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information pertains to the building each company owned immediately before the exchange:
Glendenning Co.
XYZ Co.
Building cost
$839,470
$742,190
Accumulated depreciation
396,115
235,680
Fair value
512,750
455,322
In addition, Glendenning received $57,428 cash from XYZ.
REQUIRED: Give the entry Glendenning Co. must make to account for this exchange. Assume the exchange lacks commercial substance.
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