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please help solve & explain Windsor Corporation wishes to exchange a machine used in its operations. Windsor has received the following offers from other companies
please help solve & explain
Windsor Corporation wishes to exchange a machine used in its operations. Windsor has received the following offers from other companies in the industry. 1. Sheridan Company offered to exchange a similar machine plus $26,680. (The exchange has commercial substance for both parties.) 2. Skysong Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Concord Company offered to exchange a similar machine, but wanted $3,480 in addition to Windsor's machine. (The exchange has commercial substance for both parties.) In addition, Windsor contacted Marigold Corporation, a dealer in machines. To obtain a new machine, Windsor must pay $107,880 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 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 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. Windsor Corporation Sheridan Company. 2. Windsor Corporation Skysong Company 3. Windsor Corporation Concord Company. 4. Windsor Corporation Marigold Company. (To record revenue) (To record cost of inventory)Step by Step Solution
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