NISO antermediate Accounung, 10th Edition, custom WEIL Community College Help System Announcements PRINTER VERSION exercise BACK NE Your answer is partially correct. Try again. Headland 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. Headland Corporation gave the machine plus $415 ta Sage Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Headland Corp (Old Machine) $354 171 104 Sage Co. (New Machine) $329 -0- 519 Machine cost Accumulated depreciation Fair value 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 required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Headland Corporation TMachinery 519 T TAccumulated Depreciation. 171 79 Loss on Disposal of Machir 9 Cash 354 T Machinery Sage Business Machine Company Machinery les and encerror the amounts.) Debit Credit Account Titles and Explanation Headland Corporation TMachinery Accumulated Depreciation udy Loss on Disposal of Machir TCash 415 354 T Machinery Sage Business Machine Company Machinery TCash T Machinery 329 Accumulated Depreciat Gain on Disposal of Mac 190 SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 1 of 3 used SAVE FOR LATER