This exercise will allow you to practice recording the exchange of plant assets when the exchange has commercial substance. Soon Yoon Company exchanged equipment used in its manufacturing operations plus $5,000 in cash for delivery equipment used in the operations of Peggy Gunshanan Company. The exchange is determined to have commercial substance because the timing and the amount of the cash flows arising from the delivery equipment will likely differ significantly from the cash flows arising from the manufacturing equipment. The following information pertains to the exchange.
| Soon Yoon Co. Don't use plagiarized sources. Get Your Custom Essay on prepare the journal entries to record the exchange on the books of soon yoon co assu 610327 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Peaav Gunshanan Co. | |
| Equipment (cost) | $28,000 | $28,000 |
| Accumulated depreciation | 22,000 | 10,000 |
| Fair market value of equipment | 10,500 | 15,500 |
| Cash given up | 5,000 |
Instructions
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