Business, 16.05.2021 08:20 germainenez3288

Karen company swapped machinery with an estimated value of KES.2,755,000 and recorded a cost of KES.3,700,000 and accumulated depreciation of KES. 2,350,000 with Gataka Corporation for machinery Gataka owns. The machinery has a fair value of KES. 1,695,000 a recorded cost of KES. 3,240,000 and accumulated depreciation of KES. 1,782,000. Gataka also gave Karen Company KES. 600,000 in the exchange. Assume depreciation has already been updated. Required;

1. Prepare the journal entry for Gataka corporation treating the exchange as having economic value.

2. Assume that the exchange lacked economic value. Prepare the journal entry for Gataka corporation.

3. Assume that the exchange lacked economic value. Prepare the journal entry for Karen Company.

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Karen company swapped machinery with an estimated value of KES.2,755,000 and recorded a cost of KES....

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