acquisition and disposition of property plant equipment 461116
Ice Mountain Company exchanged machinery with an appraised value of $1,755,000, a recorded cost of $2,700,000 and Accumulated Depreciation of $1,350,000 with Green Corporation for machinery Green owns. The machinery has an appraised value of $1,695,000, a recorded cost of $3,240,000, and Accumulated Depreciation of $1,782,000. Green also gave Ice Mountain $60,000 in the exchange. Assume depreciation has already been updated.
1.Prepare the journal entry for Green Company assuming that the exchange had commercial substance.
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2. Assume that the exchange lacked commercial substance. Prepare the journal entry for Green Company.
3. Assume that the exchange lacked commercial substance. Prepare the journal entry for Ice Mountain Company.
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