Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 10-17 Grouper Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Grouper Corporation gave the machine plus $367 to Monty Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Grouper Corp. (Old Machine) $313 Monty Co. (New Machine) $292 Machine cost Accumulated depreciation Fair value 151 459 For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance) (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is reguired, select "No Entry for the account titles and enter for the amounts.) Debit Account Tities and Explanation Grouper Corporation Credit Machinery Accumulated Depreciation Loss on Disposal of Machir Cash Machinery Monty Business Machine Company