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Expo Corp. exchanged Building 41, which has an appraised value of $1,700,000, a cost of $2,800,000,...

Expo Corp. exchanged Building 41, which has an appraised value of $1,700,000, a cost of $2,800,000, and accumulated depreciation of $1,300,000, for Building X which belongs to Purell Ltd. Building X has an appraised value of $1,620,000, a cost of $3,100,000, and accumulated Depreciation of $1,750,000. Purell paid Expo the difference between the appraised values of the two buildings. Assume depreciation has been updated to the date of exchange.


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1. Prepare the entries on both companies’ books, assuming the buildings are similar assets.
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