Stars tdaded a whirpool to the rangers for a smaller whirpool on
january 2, 2002:
Stars:
- Cost of whirpool and related ACC-Depreciation $ 850,000 (cost)
$640,000
- Cash received from rangers $37,000
- FV of star's whirpool $270,000
Ranger's
-Cost of whirpool & ACC-Depreciation $930,000 (cost) &
630,000$
- Cash paid to Stars $37,000
- FV of rangers whirpool $233,000
1. my question is, what would be the journal entries to record
the exchange of these assets for both...