(Answered) Question - riley company owns a machine that cost 560000

Accounting

Question - Riley Company owns a machine that cost $560,000, has a book value of $240,000, and an estimated fair value of $480,000. Fizzer Company has a machine that cost $720,000, has accumulated depreciation of $400,000, and an estimated fair value of $640,000. Riley pays Fizzer cash of $160,000. Assume the trade has commercial substance.

(1) Record the exchange on Riley Company's books.

(2) Record the exchange on Finer Company's books.

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