Bremer Company made the following exchanges of assets during 2019:
Jan. 1 Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had originally cost $40,000 and has a book value of $12,000.
Feb. 1 Acquired a building worth $55,000 by paying $5,000 cash and giving up a piece of land that had originally cost $35,000.
Mar. 1 Acquired a more advanced machine worth $20,000 by paying $5,000 cash and giving up a machine that had originally cost $13,000 and has a book value of $11,000.
Apr. 1 Acquired a car by giving up a truck that had originally cost $20,000, has a book value of $15,000, and has a "blue book" value of $16,800. In addition, the company received $1,000 cash.
Required:
Prepare Bremerâs journal entry for each exchange. Assume all exchanges were determined to have commercial substance.
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