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please help me solve this! i will leave a good rating! thanks in advance! Marigold Corporation wishes to exchange a machine used in its operations.
please help me solve this! i will leave a good rating! thanks in advance!
Marigold Corporation wishes to exchange a machine used in its operations. Marigold has received the following offers from other comparies in the industry. 1. Swifty Company offered to exchange a similar machine plus $24,380. (The exchange has commercial substance for both parties.) 2. Nash Company offered to exchange a similar machine. (The exchange lacks commercial scostance for both parties.) 3. Crane Company offered to exchange a similar machine, but wanted $3,180 in addition to Marigold's machine. (The exchange has commercial substance for both parties.) In addition, Marigold contacted Cheyenne Corporation, a dealer in machines. To obtain a new machine, Marigold must pay $98,580 in addition to trading in its old machine. For each of the four independent situations. prepare the journal entries to record the exchange on the books of each company. (Credit acmunt tittes are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the Step by Step Solution
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