(Solution) - Beeman Company exchanged machinery with an appraised value of 1 -(2025 Original AI-Free Solution)

Paper Details

Beeman Company exchanged machinery with an appraised value of $1,755,000, a recorded cost of $2,700,000 and Accumulated Depreciation of $1,350,000 with Lacey Corporation for machinery Lacey owns. The machinery has an appraised value of $1,695,000, a recorded cost of $3,240,000, and Accumulated Depreciation of $1,782,000. Lacey also gave Beeman $60,000 in the exchange. Assume depreciation has already been updated.

Required:
Prepare the journal entry required in proper format to record the exchange for Lacey; assume that the exchange had commercial substance (show all calculations for partial credit review).