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Question 9 Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry 1. Dorsett Company offered to exchange a similar machine plus $55,384. (The exchange has commercial substance for both parties.) 2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Liston Company offered to exchange a similar machine, but wanted $7,224 in addition to Holyfield's machine. (The exchange has commercial substance for both parties.) hovireais mechne (re exdhange has commercial suestance for both partes) In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, Holyfield must pay $223,944 in addition to trading in its old machine. Machine cost Accumulated depreciation 144,480 108,360 170,968 180,600 Fair value Holyfield _Dorsett Winston ListonGreeley $385,280 $288,960 $366,016 $385,280 $313,040 0- 221,536 166,152 221,536 228,760 445,480 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 O for the amounts.,) Debit Credit Date Account Titles and Explanation 1. Holvfield Corporation Question 9 Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry 1. Dorsett Company offered to exchange a similar machine plus $55,384. (The exchange has commercial substance for both parties.) 2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Liston Company offered to exchange a similar machine, but wanted $7,224 in addition to Holyfield's machine. (The exchange has commercial substance for both parties.) hovireais mechne (re exdhange has commercial suestance for both partes) In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, Holyfield must pay $223,944 in addition to trading in its old machine. Machine cost Accumulated depreciation 144,480 108,360 170,968 180,600 Fair value Holyfield _Dorsett Winston ListonGreeley $385,280 $288,960 $366,016 $385,280 $313,040 0- 221,536 166,152 221,536 228,760 445,480 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 O for the amounts.,) Debit Credit Date Account Titles and Explanation 1. Holvfield Corporation
