Question
Carlos Arruza Co.
Tony LoBianco Co.
No.
Account Titles and Explanation
Debit
Credit
(a)
Carlos Arruza Company:
(b)
Tony Lo Bianca Company:
No.
Account Titles and Explanation
Debit
Credit
(a)
Carlos Arruza Company
(b)
Tony LoBainco Company
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Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $6,609 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange.
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Carlos Arruza Co.
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Tony LoBianco Co.
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Equipment (cost)
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$61,684
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$61,684
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Accumulated depreciation
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41,857
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22,030
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Fair value of equipment
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27,538
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34,147
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Cash given up
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6,609
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