a audrey manufacturing company owns a molding machine which it has decided to exchan 3610528

December 4, 2020/in Business Homework Help Online /by Joseph

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Audrey Manufacturing Company owns a molding machine which it has decided to exchange for a similar machine owned by Amadi Company. The following facts pertain to these assets: Machine owned Machine owned By By Audrey, Inc. Amadi, Inc. Original Cost $46,000 $54,000 32,000 Accumulated Depreciation 37,700 (to date of exchange) Fair Value at date of exchange 16,000 17,000 Cash paid by Audrey, Inc. 1,000 Cash received by Amadi, Inc. 1,000 Requirements: Assuming that the exchange of the moulding machines lacks commercial substance, record the exchange for both Audrey, Inc. and Amadi Inc. in accordance with generally accepted accounting principles.

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Audrey Manufacturing Company owns a molding machine which it has decided to exchange for a similar machine owned by Amadi Company. The following facts pertain to these assets: Requirements: Assuming that the exchange of the moulding machines lacks commercial substance, record the exchange for both Audrey, Inc. and Amadi Inc. in accordance with generally accepted accounting principles.

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