Problem 10-10 (Part Level Submission) During the current year, Sunland Construction trades an old crane that has a book value of $97,200 (original cost $151,200 less accumulated depreciation $54,000) for a new cree from Coronado Manufacturing Co. The new care const Coronade $179,200 to manufacture and is classified as inventory. The following information is also available Coronado Mig. Co. Sunland Const. $88,560 Fair value of old crane Fair value of new crane Cash paid Cash received $216,000 127,440 127,440 tudy Your answer is correct Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Sunland Construction and (2) Coronado Manufacturing Credit account titles are automatically indented when amount is entered. Do not inden man is required, select "We Entry for the account thes and enter for the amounts.) 3 Det No, Accountries and Explanation 1 Sunland Construction 216000L S2000 8640 18 TES 8360 18 Your answer is correct Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Sunland Construction and (2) Coronado Manufacturing. (Credit account tities 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 Tities and Explanation 1 Sunland Construction Equipment 216000 TAccumulated Depreciation Loss on Disposal of Equip Equipment T Cash Coronado Manufacturing Tash inventory Sales Revenue To record exchange of inwentary Cost of Goods Sold Inventory Tacoro nto) click it you would the to show work for this questions Open show work (6) Your answer is correct Assuming that this exchange lacks commercial substance for Sunland, prepare the journal entries on the back of (1) Sunland Construction and (2) Coronado Manufacturing (Credit accountries are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and enter for the amount) Debt No. Account Tities and Explanation 1 Sunland Construction Equipment 215000 Accumulated Depreciation ons on Deposal of RAS Equipment 2 Coronado Manufacturing Inventory 216000 Cast of God NO (c) Assuming the same facts as those in (a), except that the fair value of the old crane is $105,840 and the cash paid is $110,160, prepare the journal entries on the books of (1) Sunland Construction and (2) Coronado Manufacturing (Credit accountries 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 Thies and Explanation 1. Sunland Construction Equipment Accumulated Depreciation 216000 Gainon posal of Man Soment Cash Coronado Manufacturing tout Costcode work C o wo te Show work for this