Business, 01.02.2021 21:20 zhellyyyyy

During the current year, Marshall Construction trades an old crane that has a book value of $90,000 (original cost $140,000 less accumulated depreciation $50,000) for a new crane from Brigham Manufacturing Co. The new crane cost Brigham $165,000 to manufacture and is classified as inventory. The following information is also available. Marshall Const. Brigham Mfg. Co.
Fair value of old crane $82,000
Fair value of new crane $200,000
Cash paid 118,000
Cash received 118,000

Required:
Prepare the journal entries on the books of (1) Marshall Construction and (2) Brigham Manufacturing.

Answers: 2

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During the current year, Marshall Construction trades an old crane that has a book value of $90,000...

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