Question 13 of 21 Sage is a cologne retailer. During 2023, Sage had...
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Question of Sage is a cologne retailer. During Sage had the following nonmonetary transactions. Scenario : Sage exchanged of its common shares FMV of $ each for equipment with a FMV of $ Scenario : Sage traded machinery with a cost of $ and accumulated depreciation of $ for a piece of inventory management equipment owned by Francis Inc.. The equipment is expected to help increase the speed with which Sage fills its orders. An additional $ was paid by Sage in the exchange. The inventory management equipment has a cost of $ and accumulated depreciation of $ on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $ and $ respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Sage 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 for the amounts. List all debit entries before credit entries. No Account Titles and Explanation Debit Credit Scenario 
Question of
Sage is a cologne retailer. During Sage had the following nonmonetary transactions.
Scenario : Sage exchanged of its common shares FMV of $ each for equipment with a FMV of $
Scenario : Sage traded machinery with a cost of $ and accumulated depreciation of $ for a piece of inventory management equipment owned by Francis Inc.. The equipment is expected to help increase the speed with which Sage fills its orders. An additional $ was paid by Sage in the exchange. The inventory management equipment has a cost of $ and accumulated depreciation of $ on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $ and $ respectively.
For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Sage 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 for the amounts. List all debit entries before credit entries.
No
Account Titles and Explanation
Debit
Credit
Scenario
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