The Following Transactions Occurred in Fiscal 2021:
•Synthesize Inc •Synthesize Inc

question 72

Essay

The following transactions occurred in fiscal 2021:
•Synthesize Inc. exchanged machinery with Energize Corp.
$$\begin{array} { | l | r | r | } \hline & \text { Synthesize's machinery } & \text { Energize's machinery } \\\hline \text { Cost } & 500,000 & 620,000 \\\hline \text { Accumulated depreciation } & 200,000 & 500,000 \\\hline \text { Fair value } & 350,000 & \text { Not known } \\\hline\end{array}$$ •Synthesize Inc. purchased equipment by signing a 5 year non-interest bearing note payable for $200,000. The implicit rate of interest was 5%.
•Synthesize received a government grant of $10,000 to help purchase the equipment.
Required:
a)Assuming the machinery exchange has commercial substance, prepare the required journal entries for the exchange for both Synthesize and Energize.
b)Assuming the machinery exchange does not have commercial substance, prepare the required journal entries for the exchange for both Synthesize and Energize.
c)Prepare the required journal entry to record the purchase of the equipment purchased by the non-interest bearing note.
d)Prepare the required journal entries to record the government grant using both the gross method and the net method.

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Definitions:

Cortisol

A steroid hormone released by the adrenal glands in response to stress or low blood-glucose concentration; it plays a key role in the body's stress response and helps regulate metabolism, immune response, and blood pressure.

Infections

The invasion and multiplication of microorganisms such as bacteria, viruses, and parasites that are not normally present within the body.

Social Readjustment Rating Scale

A scale that measures the amount of stress in one's life over a certain period of time based on the occurrence of various life events, each given a different weight.

Perceptions

The process of organizing and interpreting sensory information to understand the environment and events.