Business, 06.05.2020 06:29 helpmeplz33
Omega Corp. has entered into a transaction with Lively Inc. Omega Corp will give its equipment to Lively Inc. in exchange for Lively's equipment. Omega Corp will also pay Lively Inc. $30,000 cash. Omega Corp's equipment originally cost $250,000 when it was purchased 2 years ago and currently has $80,000 of accumulated depreciation and an estimated fair value of $230,000. Lively's equipment has a cost of $212,000 and accumulated depreciation of $35,000. The fair value of Lively Inc's equipment is determined to be $260,000.
Required:
A. Prepare the journal entry for Omega Corp assuming the exchange has commercial substance.
B. Prepare the journal entry for Omega Corp assuming the exchange lacks commercial substance.
Answers: 3
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Business, 23.06.2019 18:00, alexbx9236
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Answers: 3
Omega Corp. has entered into a transaction with Lively Inc. Omega Corp will give its equipment to Li...
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