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Indigo Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar...

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Accounting

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Indigo Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Indigo Co. $29,120 Sweet Co. $29,120 Equipment (cost) Accumulated depreciation 19,760 10,400 13,000 16,120 Fair value of equipment Cash given up 3,120 Account Titles and Explanation Debit Credit Indigo Company: Equipment 12480 Accumulated Depreciation Equipment 119760 JE Cash 3120 Equipment 29120 Sweet Company Equipment 1300 Accumulated Depreciation Equipment 10400 Cash 3120 Losion Disposal of Equipment 2600 29120 Equipment Debit Credit Account Titles and Explanation Indigo Company Equipment 16120 Accumulated Depreciation Equipment 19760 Equipment 29120 Cash 3120 Gain on Diposal of Equipment 3640 Sweet Company epoipment Accumulated Depreciation Equipment 10400 Cash 3120 Loss on Disposal of Equipment Equipment 29120

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