Pittman Company wishes to replace one of the old machines that it uses in is operationa Pittman has received an offer from Labor Company who wishes to exchange a similar mache for Pittman's old machine, but wanted ndditional S11,000. (The exchange lacks commetcia) substance for both parties.) Machine Cost Accumulated Depreciation Fair Value Pittman $200,000 75,000 110.000 Labor 240,000 140,000 121,000 re the journal entries to record the exchange on the books of each company

time-10 min