Current Attempt in Progress Concord Corporation wishes to exchange a machine used in its operations. Concord has received the following offers from other companies in the industry. Marigold Company offered to exchange a similar machine plus $27,600. (The exchange has commercial substance for both parties.) 2. Swifty Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Nash Company offered to exchange a similar machine, but wanted $3,600 in addition to Concord's machine. (The exchange has commercial substance for both parties.) 1. In addition, Concord contacted Crane Corporation, a dealer in machines. To obtain a new machine. Concord must pay $111,600 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Concord $192,000 72,000 110,400 Marigold $144,000 54.000 82.800 Swifty $182,400 85.200 110,400 Nash $192,000 90.000 114,000 Crane $156,000 -0- 222.000 For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit No. Account Titles and Explanation Concord Corporation 1. Marigold Company 2. Concord Corporation Swifty Company 3. Concord Corporation Nash Company 4. Concord Corporation Crane Company (To record exchange of inventory) (To record cost of inventory)