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Culver Co. exchanged old trucks (cost $60,500 less $19,500 accumulated depreciation) plus cash of $15,500...

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Accounting

Culver Co. exchanged old trucks (cost $60,500 less $19,500 accumulated depreciation) plus cash of $15,500 for new trucks. The old trucks had a fair value of $36,900. Pronghorn Inc. trades its used machine (cost $12,090 less $4,030 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,960), Pronghorn also paid cash of $3,100.

Prepare the entry to record the exchange of assets by Culver Co.

Prepare the entry to record the exchange of assets by Pronghorn Inc.

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