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Current Attempt in Progress Flint is a cologne retailer. During 2020, Flint had the following...

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Accounting

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Current Attempt in Progress Flint is a cologne retailer. During 2020, Flint had the following non-monetary transactions. Scenario 1: Flint exchanged 5,500 of its common shares (FMV of $10 each) for equipment with a FMV of $60,500. Scenario 2: Flint traded machinery with a cost of $14,000 and accumulated depreciation of $5,600 for an inventory management equipment owned by Francis Inc. which is expected to help increase the speed with which Flint fills its orders. An additional $2,900 was paid by Flint in the exchange. The inventory management equipment has a cost of $18,300 and accumulated depreciation of $10,980 on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $9,500 and $12,400 respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Flint follows IFRS. (Credit account titles are automatically indented when the 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.) Debit Credit No. Account Titles and Explanation Scenario 1 Scenario 2

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