On April 30, Roberts Company exchanged productive assets with Marilyn Corp. The following information relates...
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On April 30, Roberts Company exchanged productive assets with Marilyn Corp. The following information relates to two of these exchanges EXCHANGE A: Roberts Marilyn Asset glven up truck computer Cost $21,000 $18,000 Accumulated Depreciation 5,000 5,000 Fair market value 15,000 14,000 In addition, Marilyn will give Roberts $1,000. Both companies have determined that this transaction HAS commercial substance Requirement 1: Provide the journal entry for Marilyn in Exchange A. EXCHANGE B: Roberts Marilyn Asset given up truck computer Cost $38,000 $70,000 Accumulated Depreciation 6,000 4,000 Fair market value 52.000 60,000 In addition, Roberts will give Marilyn $8,000. Both companies have determined that this transaction LACKS commercial substance. Requirement 2: Provide the journal entry for Roberts in Exchange B
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