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Please help! There is also 5 entries for Nash Company, 5 entries for Concord Corporation, and 5 entries for Crane Company Concord Corporation wishes to
Please help! There is also 5 entries for Nash Company, 5 entries for Concord Corporation, and 5 entries for Crane Company
Concord Corporation wishes to exchange a machine used in its operations. Concord has received the following offers from other companies in the industry. 1. Marigold Company offered to exchange a similar machine plus $26.220. (The exchange has commercial substance for both parties) 2. Swifty Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Nash Company offered to exchange a similar machine, but wanted $2,420 in addition to Concord's machine. (The exchange has commercial substance for both parties.) In addition, Concord contacted Crane Corporation, a dealer in machines. To obtain a new machine, Concord must pay $100,020 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Concord $182,400 68.400 104,830 Marigold $136,800 51300 78,660 Swifty $173.280 80.940 104,880 Nash $182,400 85,500 108,300 Crane $148.200 -O- 210.900 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"fo the account titles and enter for the amounts.) Debit Credit No. Account Titles and Explanation 1. Concord Corporation Marigold Company 2. Concord Corporation Swifty Company 3. Concord CorporationStep by Step Solution
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