Lurrent Attempt in Progress Sheridan Corporation wishes to exchange a machine used in its operations. Sheridan has received the following offers from other companies in the industry. 1. Skysong Company offered to exchange a similar machine plus $26,220. (The exchange has commercial substance for both parties.) 2. Concord Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties) 3. Marigold Company offered to exchange a similar machine, but wanted $3,420 in addition to Sheridan's machine. (The exchange has commercial substance for both parties.) In addition, Sheridan contacted Swifty Corporation, a dealer in machines. To obtain a new machine, Sheridan must pay $106,020 in addition to trading in its old mactvine. 1. Sheriaan Corporation wahes to exchange a machine usedin is operation. Sheridan has recelved the following offers from other carppanies in the industry. 1. Sievsong Compuny offered to owhangea aimilar machine plus $26,220 (The cochange has commercial substarce for both parties) 2. Concord Comparty offered to exchange a similar machine (The exchange lacks commercial substance for both partice) 3. Morigold Compuny offered to echange a similar machine, but wanted $3,420 in additon to 5 heridan's machime, (The exchanes has commerdal substance for both parties). 3. SheridanCorporation Marizold Company 4. Sheridancorporation Sinitty Companr (To resord revenue) (To resterd cout of inivertory)