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Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of...

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Accounting

Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of $7,691,000, and accumulated depreciation of $3,528,000 for Building M belonging to Fine Co. Building M has an appraised value of $4,498,000, a cost of $9,079,000, and accumulated depreciation of $4,796,000. The correct amount of cash was also paid. Assume depreciation has already been updated. Prepare the entries on both companies' books assuming the exchange had no commercial substance.

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