On August 1, Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred...
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On August 1, Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as "Asset A." and Whispering' is referred to as "Asset B." The following facts pertain to these assets Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Coronado, Inc. and Whispering. Inc in accordance with generally accepted accounting principles. (Do not round intermediate colculations. Round final answer to 0 decimal places es. 58,971. 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 Coronado, Inc's Books: Accumulated Depreciation - Machinery (A) Machinery (B) Cash Machinery (A) Debit Credit 93000 Whispering.Incis Books Accumulated Depreciation - Machinery (B) Machinery (A) Cash Gain on Disposal of Machinery 18600 Machinery (B)
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