Business
Business, 15.02.2021 20:10, yasmin7740

Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000, and accumulated depreciation of $3,619,000 for Building M belonging to Waterway Co. Building M has an appraised value of $4,560,000, a cost of $9,096,000, and accumulated depreciation of $4,747,000. The correct amount of cash was also paid. Assume depreciation has already been updated. Prepare the entries on both companies' books assuming the exchange had no commercial substance.

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Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000,...

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