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Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information...

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Accounting

Glendenning Co. recently engaged in an exchange of buildings with XYZ Co. The following information pertains to the building each company owned immediately before the exchange:

Glendenning Co.

XYZ Co.

Building cost

$839,470

$742,190

Accumulated depreciation

396,115

235,680

Fair value

512,750

455,322

In addition, Glendenning received $57,428 cash from XYZ.

REQUIRED: Give the entry Glendenning Co. must make to account for this exchange. Assume the exchange lacks commercial substance.

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