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please help. thanks Cheyenne Corporation wishes to exchange a machine used in its operations. Cheyenne has received the following offers from other companies in the

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Cheyenne Corporation wishes to exchange a machine used in its operations. Cheyenne has received the following offers from other companies in the industry 1. Avayal Company offered to exchange a similar machine plus $33,580. (The exchange has commercial substance for both parties) 2. Pina Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Grouper Company offered to exchange a similar machine, but wanted $4,380 In addition to Cheyenne's machine. (The exchange has commercial substance for both parties.) In addition, Cheyenne contacted Monty Corporation, a dealer in machines. To obtain a new machine, Cheyenne must pay $135,780 In addition to trading in its old machine art Machine cost Accumulated depreciation Fair value Cheyenne $233,600 87,600 134,320 Ayayal $175,200 65,700 100,740 Pina $221,920 103,660 134,320 Grouper $233,600 109,500 138,700 Monty $189,800 -0- 270,100 Y Study For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (Credit accountitles 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 for the amounts.) Debit Credit No. Account Titles and Explanation 1. Cheyenne Corporation Tcash 100,740 Machinery Accumulated Depreciation Tots on Disposal of Machir ed Depre Machinery Avayal Company Ayayal Company CALCULATOR PRINTER VERSION llllllll BEEF NO Cheyenne Corporation Pina Company Cheyenne Corporation JRCES CALCULATOR PRINTER V 3. Cheyenne Corporation (Part ) 5 (Part Blon) 19 (Part Esion KOJI JE Grouper Company ts by Study Cheyenne Corporation 4. Cheyenne Corporation Monty Con (To record exchange of inventory) (To record cost of inventory)

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