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(Solved) (Latest ver. Aug 2020) - On August 1, Hyde Inc. exchanged productive assets with Wigg

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On August 1, Hyde Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as "Asset A" and Wiggins is referred to as "Asset B."
the following facts pertain to these assets

Asset A Asset B
Original Cost 96,000 110,000
Accum. depreciation to date 40,000 47,000
of exchange

Fair Value at date of exchange 60,000 75,000
Cash paid by Hyde Inc. 15,000
Cash received by Wiggins 15,000

1. Assuming that the exchange of Assets A and B
has commercial substance, record the exchange for both Hyde and Wiggins.
2. Assuming the exchange lacks commercial substance, record the exchange for both Hyde and Wiggins

 







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