1. On June 1, 2009 Rogers Company exchanged equipment and $30,000 for land worth $130,000 for originally cost $200,000 had up to date accumulated depreciation of $120,000 and fair value of $100,000. Required: Prepare the journal entry and recorded gain or loss of exchange of plant asset. 2. On May 30, 2009 Huge Company exchanged a used airplane and $35,000 cash for a new airplane worth $39,000. The old airplane originally cost $ 40,000 had up to date accumulated depreciation of $30,000 and Fair value of $4000. Required: Prepare the journal entry and recorded gain or loss of exchange of plant asset.
