Transfree value of hyde 8000 assets 56000 cash price

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transfree value of hyde 8,000 assets 56,000 cash price 15,000 amount to be recorded price 71,000 (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles. entry in the books of hyde account title and explanations assets 71,000 accumulated depreciation 40,000 cash 15,000
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asset 96,000 P10-10. (Nonmonetary Exchanges) (LO 4 ) During the current year, Marshall Construction trades an old crane that has a book value of $90,000 (original cost $140,000 less accumulated depreciation $50,000) for a new crane from Brigham Manufacturing Co. The new crane cost Brigham $165,000 to manufacture and is classified as inventory. The following information is also available. Marshall Const. Brigham Mfg. Co. Fair value of old crane $ 82,000 Fair value of new crane $200,000 Cash paid 118,000 Cash received 118,000 Instructions (a) Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Marshall Construction and (2) Brigham Manufacturing. marshall construction Equipment 200,000 accumulated depreciation 50,000 loss on disposal 8,000 Equipment 140,000 cash 118,000 brigham manufacturing cash 118,000 inventory 82,000 sales revenue 200,000 cost of goods sold 165,000 inventory 165,000 Book value 90,000 Fair value 82,000 Loss on disposal 8,000 (b)
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Assuming that this exchange lacks commercial substance for Marshall, prepare the journal entries on the books of Marshall Construction.
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