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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 10-9 (Part Level Submission) August 1, Bonita, Inc. exchanged productive assets with Windsor, Inc. Bonitas asset is referred to below as Asset A, and Windsor is referred to as Asset B. The following facts pertain to these assets. Asset A Asset B Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Bonita, Inc. Cash received by Windsor, Inc. $144,000 165,000 60,00070,500 90,000 112,500 22,500 22,500
Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Bonita, Inc. and Windsor, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requiredt, select No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Windsor. Incs Books
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