Business, 19.04.2021 15:30 batmanmarie2004

Hoyle Company owns a manufacturing plant with a fair value of $4,600,000, a recorded cost of $8,500,000, and accumulated depreciation of $3,650,000. Patterson Company owns a warehouse with a fair value of $4,400,000, a recorded cost of $6,900,000, and accumulated depreciation of $2,800,000. Hoyle and Patterson exchange assets, with Hoyle also receiving cash of $200,000 from Patterson. The exchange is considered to have commercial substance. Required:
Record the exchange on the books of:
a. Hoyle
b. Patterson

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Hoyle Company owns a manufacturing plant with a fair value of $4,600,000, a recorded cost of $8,500,...