ACCT 3551 Goodman Company acquired a truck from Harmes Company in exchange for a machine
January 1st, 2018
Goodman Company acquired a truck from Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cost $30,000, has a book value of $6,000, and has a market value of $9,000. The truck has a cost of $12,000 and a book value of $8,000 on Harmes’ books.Prepare journal entries for Goodman and Harmes to record the exchange.