On August 1, Bramble, Inc. exchanged productive assets with Sunland, Inc. Bramble's asset is referred...
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On August 1, Bramble, Inc. exchanged productive assets with Sunland, Inc. Bramble's asset is referred to below as "Asset A, and Sunland' is referred to as "Asset B. The following facts pertain to these assets. Asset A Asset B Original cost $ 119,040 $ 136,400 Accumulated depreciation (to date of exchange) 49.600 58,280 74,400 93,000 Fair value at date of exchange 18,600 Cash paid by Bramble, Inc. Cash received by Sunland, Inc. 18,600 estion 5 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Bramble, Inc. and Sunland, Inc. in accordance with generally accepted accounting principles. (Round answers to decimal places, eg 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Credit Debit Account Titles and Explanation Bramble, Inc's Books Sunland. Inc's Books
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