During the current year, Kingbird Construction trades an old crane that has a book value of $127,800 (original cost $198,800 less accumulated depreciation $71,000) for a new crane from Oriole Manufacturing Co. The new crane cost Oriole $234,300 to manufacture and is classified as inventory. The following information is also available.

Kingbird Const. Oriole Mfg. Co. Fair value of old crane $116,440 Fair value of new crane $284,000 Cash paid 167,560 Cash received 167,560

Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Kingbird Construction and (2) Oriole Manufacturing. (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 0 for the amounts.)

No. Account Titles and Explanation Debit Credit 1. Kingbird Construction 2. Oriole Manufacturing (To record exchange of inventory) (To record cost of inventory)

SHOW LIST OF ACCOUNTS LINK TO TEXT

Assuming that this exchange lacks commercial substance for Kingbird, prepare the journal entries on the books of (1) Kingbird Construction and (2) Oriole Manufacturing. (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 0 for the amounts.)

No. Account Titles and Explanation Debit Credit 1. Kingbird Construction 2. Oriole Manufacturing (To record exchange of inventory) (To record cost of inventory)

SHOW LIST OF ACCOUNTS LINK TO TEXT

Assuming the same facts as those in (a), except that the fair value of the old crane is $139,160 and the cash paid is $144,840, prepare the journal entries on the books of (1) Kingbird Construction and (2) Oriole Manufacturing. (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 0 for the amounts.)

No. Account Titles and Explanation Debit Credit 1. Kingbird Construction 2. Oriole Manufacturing (To record exchange of inventory) (To record cost of inventory)

SHOW LIST OF ACCOUNTS LINK TO TEXT

Assuming the same facts as those in (b), except that the fair value of the old crane is $137,740 and the cash paid $146,260, prepare the journal entries on the books of (1) Kingbird Construction and (2) Oriole Manufacturing. (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 0 for the amounts.)

No. Account Titles and Explanation Debit Credit 1. Kingbird Construction 2. Oriole Manufacturing (To record exchange of inventory) (To record cost of inventory)

Click if you would like to Show Work for this question: Open Show Work